The Federation of Korean Industries has been reborn. We decided to put our 55-year history behind us and open a new chapter in our march forward by returning to our original mission established at the time of our foundation in 1961.

I would like to make three promises to the public.

First, we will serve as a springboard for the Korean economy to take global leaps forward.

The world is undergoing an unprecedented transformation. Global supply chains are being realigned extensively, and the international order is being shaken due to conflicts between superpowers that affect global security.

We will remain at the forefront of helping the Korean economy overcome these challenges as it continues to evolve. Becoming a highly renowned global economic think tank, we will present a roadmap and outline detailed action plans for the Korean economy.

Second, we will communicate closely with the public to accurately identify their needs.

We will listen to their voices with open ears and seek ways to more effectively reach out to communities based on our findings.

The government cannot be expected to assume full responsibility for improving the quality of life for all. The creation of quality jobs across various industries is the best possible “welfare policy”, and the business community is charged with this formidable task. Corporations are also responsible for reaching out to the underprivileged in local communities. As such, we will strive to identify the public’s needs through close communication and draw up detailed action plans to cater to their identified needs.

Third, we will transform ourselves into a pivotal economic organization trusted by the public.

We will remedy our missteps and eliminate erroneous practices. We will follow ethical management principles as strictly demanded by the public. We will set standards to help a transparent business culture take firm root in our organization.

We will also expand our scope of membership to encompass new industries and actively pursue cooperation and exchanges with other economic organizations. We will keep abreast of the latest trends and diverse viewpoints to substantively propel the Korean economy forward.

My fellow Koreans,

Although the Korean economy has joined the global top ten club and is emerging as a leader in diverse measures of soft power, the nation’s future outlook, admittedly, is not entirely bright and rosy. Korea faces an array of challenges from ever-growing latecomers to a decreasing and aging population as well as climate change.

However, I am confident that the golden age of the Korean economy has yet to come. Our goal is to help Korea join the ranks of the Group of Seven and become a first mover for our future generations.

We will take the lead in this endeavor and your unsparing support will be much appreciated.

Thank you.