Ryu considered suitable for FKI's transformation into Korean version of CSIS

Federation of Korean Industries (FKI) and Poongsan Group Chairman Ryu Jin speaks during a press conference at the FKI Tower in Seoul, Tuesday. Yonhap

New chairman in close connection with politicians in Korea, US

By Park Jae-hyuk

The recent appointment of Poongsan Group Chairman Ryu Jin as the new head of the Federation of Korean Industries (FKI), which used to be the country's premier business lobby group, did not come as a surprise to most business insiders, despite the fact that the group's size of assets falls behind those of Korea's 70 other larger firms.

Those who are familiar with his career and personal networks regard him as the most suitable person to transform the FKI into a global think tank that can help Korean businesses expand their presence overseas.

Given that Poongsan operates a defense business that produces various ammunitions, Ryu's family has maintained close ties with U.S. businesspeople and Republican politicians, including the Bush family. The two families have reportedly met each other at least once a year.

A year after the Poongsan chairman attended the funeral of former U.S. President George H.W. Bush in Washington, D.C., in 2018, the deceased's son, former U.S. President George W. Bush, came to Korea to attend the memorial ceremony for the 10th anniversary of former President Roh Moo-hyun's death and expressed his gratitude to Ryu, describing him as an important friend.

Last September, Bush unexpectedly visited the Korea Society's banquet in New York to congratulate Ryu for winning the James A. Van Fleet Award.

Based on his personal networks, Ryu also arranged meetings between U.S. politicians and Korean presidents, including Roh, Lee Myung-bak, Park Geun-hye and Moon Jae-in.

Moon especially said he had heard about Bush from Ryu, so the Poongsan chairman was able to be the only businessperson among the Moon administration's special envoys.

Poongsan Group Chairman Ryu Jin, left, talks with former U.S. President George W. Bush, second from left, during his meeting with then President Moon Jae-in at Cheong Wa Dae in Seoul in this May 2019 file photo. Newsis

Under the presidency of Park Geun-hye, Ryu arranged a meeting in 2013 between U.S. representatives and Korean businesspeople. He is also said to have helped former President Kim Dae-joong receive Bush's message apologizing for the death of two schoolgirls struck and killed by a U.S. Army mine clearing vehicle in 2002.

When President Yoon Suk Yeol visited the U.S. in May, Ryu sat at a table neighboring the head table, along with Samsung Electronics Executive Chairman Lee Jae-yong, during a banquet hosted by U.S. President Joe Biden. During Yoon's visit to France in June, Ryu met with French President Emmanuel Macron, along with the chiefs of Korea's largest conglomerates.

In 2020, Ryu became a board member of the Center for Strategic and International Studies (CSIS), which he views as a role model of the FKI under his leadership.

"I think the CSIS is more suitable than the Heritage Foundation to be a role model for the FKI," he said in a press conference, Tuesday. "The CSIS is more neutral and studies all sectors. It particularly focuses on relations with North Korea."

Knowledge in Japanese society

Ryu's close ties with U.S. opinion leaders are partially attributed to his fluency in English, which was acquired when he studied at Seoul National University's Department of English Language and Literature, and Guarini School of Graduate and Advanced Studies at Dartmouth College.

However, English is not the only foreign language he speaks. As he spent his teenage years in Japan and studied French, he is fluent in three foreign languages.

For this reason, Ryu also served as a vice chairman of the Korea-Japan Economic Association.

"I know many people in the U.S. and Japan, so I can connect them with the FKI members," he said at Tuesday's press conference.

He is also expected to play a major role in boosting economic ties discussed in the trilateral meeting among the leaders of Korea, U.S. and Japan.

"Under his leadership, the FKI can utilize his overseas networks to enhance international competitiveness of Korean companies," said Sung Tae-yoon, a professor of economics at Yonsei University. "This can enable Korean firms to form a common front against trade issues involving the Inflation Reduction Act and the CHIPS Act."

Poongsan Group Chairman Ryu Jin, right, talks with Hyundai Motor Group Executive Chair Chung Euisun, left, and SK Group Chairman Chey Tae-won, second from left, during a meeting with U.S. businesspeople at the U.S. Chamber of Commerce in Washington, D.C., in this April file photo. Joint Press Corps

Relations with chaebol owners

Ryu's appointment also prompted Samsung, SK, Hyundai Motor and LG groups to rejoin the FKI, about six years after they left the business lobby, due to its connection to a bribery scandal involving impeached former President Park Geun-hye.

The return of Korea's top four business groups was also attributed to the new FKI chairman.

In particular, Ryu's brother-in-law is the husband of Samsung chairman's aunt. However, Ryu denied the speculation that the family relationship led Samsung to rejoin the FKI.

"I have known the Samsung chairman for a long time, and regardless of the family ties, I like his nature," he told the press.

He also spoke of his connections with the deceased fathers of the Samsung chairman and SK Group Chairman Chey Tae-won, who is leading the Korea Chamber of Commerce and Industry (KCCI), which replaced the FKI as the most influential business lobby during the Moon Jae-in administration.

A day after his appointment, Ryu held a series of meetings with the heads of other business lobbies ― the Korea International Trade Association, the Korea Enterprises Federation, the Korea Federation of SMEs and the Federation of Middle Market Enterprises of Korea. He was unable to meet with Chey that day, as the KCCI chairman was on his trip to Latin America.