– Attended the B20 Summit with representatives of Korean business circles such as Lotte, Samyang, Poongsan, Hyosung, KT, CJ and Hanwha
– Despite deteriorating relations between Korea and Japan, the Federation of Korean Industries (FKI) and Keidanren will hold the ‘Korea-Japan Business Council (KDR-FKI Leader’s meeting)’ in November
– Global trade and diplomacy activities by holding individual meetings with U.S. and British business leaders in B20
Huh Chang-soo, chairman of the Federation of Korean Industries (FKI), led the Korean economy delegation to the B20 Summit on behalf of the Korean economy.
The FKI sent a Korean delegation led by Chairman Huh Chang-soo to the B20 Tokyo Summit (3.14-15) hosted by Keidanren. The B20 Tokyo Summit comes amid worsening external conditions, including the possibility of a 25 percent tariff on South Korean cars by the Trump administration, concerns over a prolonged chill in Seoul-Tokyo relations and the possibility of Britain’s No deal Brexit. Against this backdrop, FKI Chairman Huh Chang-soo, who visited Tokyo, conducted a series of meetings with Japanese, U.S. and British business leaders, including Hiroaki Nakanishi, Chairman of the Keidanren, Gary Litman, Vice President of US Chamber of Commerce, and Carolyn Fairburn, Secretary General of the British Industrial Federation.
Some 300 global business leaders from the G20 countries, including FKI Chairman Huh Chang-soo, Lotte Group Chairman Shin Dong-bin, Samyang Holdings Chairman Kim Yoon, Poongsan Corporation Chairman Ryu Jin, Hyosung Chairman Cho Hyun-Joon, KT Corporation Chairman Hwang Chang-kyu, CJ Group Vice Chairman Park Keun-hee, Hanwha Energy Corporation CEO Ryoo Du-hyoung, attended the B20 Tokyo Summit.
The South Korean delegation attended the “Japan Night,” an official welcoming ceremony, and met with Hiroaki Nakanishi, chairman of the B20 & Keidanren. At the meeting, Chairman Huh Chang-soo urged the two countries to continue their civilian-level cooperation despite the recent strained relations between Seoul and Tokyo, and the two sides decided to finalize the schedule for this year’s Korea-Japan Business Council (KDR-FKI Leader’s meeting, November 14 to 15).
In a meeting with U.S. business leaders, including Gary Litman, Vice President of US Chamber of Commerce, Huh Chang-soo, then asked the U.S. business community to take active measures to allow Korea to be finally excluded from the list of import car tariffs under Article 232 of the U.S. Trade Expansion Act, Korea’s current trade issue. In addition, the U.S. business community has been requested that the Trade Security Act of 2019 submitted jointly by Senator Rob Portman (Ohio) and others to prevent abuse of Section 232 of the Administration’s Trade Expansion Act can be legislated.
Finally, in a meeting with Caroline Fairbairn, Secretary General of CBI, Mr. Huh said, “Let’s strengthen cooperation between the private and economic sectors of the two countries by calling for an early conclusion of the FTA between Korea and Britain.”
Under the theme of “Realising Society 5.0 for SDGs”, the Tokyo B20 Summit discussed common challenges in the global economic community to achieve the UN Sustainable Development Goals. The B20 Summit adopted a joint B20 document outlining the results of seven topics of discussion, including 1) digital transformation, 2) trade & investment, 3) energy & environment, 4) quality infrastructure, 5) future labor, 6) health and 7) anti-corruption.
In particular, on the sidelines of the joint document, Keidanren published a global case book in which the B20 country’s business community activities for SDGs are compiled. CJ CheilJedang, KT, Lotte and Samyang Holdings were included as examples of Korea.