Ryu Jin Chairman "Samsung and Other 4 Major Groups, Considering Return to Chairmanship in February Next Year"

[Financial News] Ryu Jin, Chairman of the Korea Economic Association, expressed his position regarding the return of the chairmanship of the 4 major groups, which is directly related to the restoration of the status of the Korea Economic Association, saying, "It would be good if the 4 major groups rejoin the chairmanship at the Korea Economic Association's general meeting in February next year." The 4 major groups, including Samsung, SK, Hyundai Motor, and LG Group, withdrew from the then Federation of Korean Industries immediately after the 2016 political scandal, but rejoined the current Korea Economic Association, which changed its name with the inauguration of Chairman Ryu in 2023, but have not returned to the chairmanship meetings.
Approaching his 2nd anniversary next month, Chairman Ryu, at a press conference held during the Jeju Summer Forum of the Korea Economic Association on the 18th, presented February next year as the target time for the return of the 4 major groups to the chairmanship of the Korea Economic Association, stating, "My wish is to push for it while discussing with business people and observing the atmosphere." Chairman Ryu explained, "At the critical point of whether the Federation of Korean Industries would remain or disappear, what I tried most was to somehow bring back the status of the Korea Economic Association to its place, and creating the Ethics Committee was part of that effort." Chairman Ryu said, "My term ends in February 2027, so I think doing my best until then is my fate," adding, "I spend 80% of my daily life on the Korea Economic Association," and "I can assure you that I am the chairman who has spent the most time in the Korea Economic Association office."
Chairman Ryu has focused on expanding the Korea Economic Association's reach by attracting 46 new member companies, including Naver, Kakao, and HYBE, at the beginning of the year, and establishing the first private economic organization's AI Innovation Committee and People's Economy Task Force. As a representative 'American expert' in the business world, he is also actively engaged in private economic diplomacy and domestic demand activation measures.
Chairman Ryu, regarding the issue of the 25% reciprocal tariffs by the US taking effect on the 1st of next month, emphasized, "The next 2 weeks are crucial enough to determine the fate of the economy," adding, "We need to understand what President Trump wants and secure better conditions than other countries." Boasting a strong network in the US, Chairman Ryu introduced, "The Korea Economic Association is a place that serves its member companies," and "If companies face difficulties in meeting someone in the US, as the chairman of the Korea Economic Association, I try to help by introducing personal connections I know." 
Chairman Ryu, regarding the ruling Democratic Party's push to amend the Commercial Act to make treasury stock cancellation mandatory in early August, stated, "I intend to cancel some treasury stocks in the future," but also expressed, "If we cancel them all at once, there will be side effects, so shouldn't we slow down the pace for the sake of our economy?" A high-ranking official of the Korea Economic Association conveyed, "Emphasizing that the economy is in a precarious situation due to a complex crisis, we are requesting the government and the ruling party to reconsider the mandatory cancellation of treasury stocks." Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, also expressed concerns at the Gyeongju Forum held during the same period, saying, "If cancellation becomes mandatory, the purchase of treasury stocks may be reduced."
Chairman Ryu, regarding President Lee Jae-myung, said, "Although I haven't met him for long, among the leaders I've met so far, he was a leadership style that listened to others the most and expressed his own opinions."

ehcho@fnnews.com Eunhyo Cho Reporter