Reelected chairman Huh Chang-soo of the Federation of Korean Industries, the nation’s top business lobby group, expressed opposition to raising corporate tax.
Huh, chairman of GS Group, said in his acceptance speech Tuesday that doing so would go against the global trend of low corporate taxes.
His comments came at a time when political circles are debating whether to increase corporate tax to fund the government’s welfare programs.
Huh is the fourth FKI chairman to serve three consecutive terms. He was first elected as FKI chairman in 2011 to succeed Hyosung Group chairman Cho Suck-rae and was reappointed in 2013.
The longest-serving FKI chairman was the late Hyundai Group founder Chung Ju-yung who served for five consecutive terms, from 1977 to 1987.
The new FKI chairman also said that he would dedicate his term to helping FKI member firms find new growth engines.
At the meeting, Chong Kun Dang Pharmaceutical chairman Lee Jang-han was named FKI vice chairman. He will replace the now-defunct STX Group chairman Kang Duk-soo.
FKI has sought to increase its number of leaders in order to recover its dwindling influence on government policies.
By Seo Jee-yeon (jyseo@heraldcorp.com)
