From left are seen Korea Chamber of Commerce Chairman Chey Tae-won, Federation of Korean Industries Chairman Huh Chang-soo, Korea Enterprises Federation Chairman Sohn Kyung-shik, and Korea International Trade Association Chairman Koo Ja-yeol.

By Kim Hyun-bin

Korea's four major business lobbying groups are competing to become the leading private-sector economic partner of the incoming Yoon Suk-yeol administration as they seek to build a closer network with members of the Presidential Transition Committee through the promotion of attractive policy proposals, industry watchers said Monday.

The Korea Chamber of Commerce and Industry (KCCI), the Federation of Korean Industries (FKI), the Korea Enterprises Federation, and the Korea International Trade Association (KITA) are offering to host the president-elect's first U.S. state visit, which will be Yoon's first overseas business trip following his inauguration.

"The FKI and the KCCI are competing to organize a business forum for when Yoon visits the U.S., as the chosen organization is likely to be selected as the main economic delegation," an official from one of the groups said.

The FKI has been the most active ahead of Yoon's inauguration in order to restore its once leading status, tarnished under the Moon Jae-in government for its involvement in the corruption scandal that led to the impeachment and imprisonment of former President Park Geun-hye.

The FKI was the first to submit a policy proposal to the transition committee and also hosted a luncheon meeting with President-elect Yoon and heads of the lobby groups. It also took a favorable stance regarding the incoming administration's controversial presidential office relocation to Yongsan. The group has been emphasizing its strong connections and networks around the globe to the new government.

"We are trying to provide assistance to the Yoon transition team as we have the largest number of global networks among the lobby groups. We have connections with a total of 31 countries that we have built relations with over the past 40 years, including the U.S. and Japan," an FKI official said.

However, some industry officials are skeptical about the FKI taking a lead role.

"The top four conglomerates ― Samsung, Hyundai, SK, and LG ― left the organization; and also a reduction in staff from 200 to 80 will make it difficult for it to act as a representative business lobby," an industry official said.

The KCCI is trying to solidify its role as a representative organization by emphasizing that it is the largest economic organization, having both major conglomerates and mid-size enterprises as members. The KCCI has been emphasizing its strong communication platform which could act as a bridge between the government, companies and the public.

"Regardless of which entity becomes the government's economic delegation, we have submitted a Korea-U.S. economic policy agenda to the transition team and that is under review," a senior KCCI official said.

The Korea Enterprises Federation is expanding its contact points with the new government by promoting greater worker flexibility and the easing of corporate regulations. The government plans to focus on undoing what it says were policies biased toward labor promoted by the Moon Jae-in administration.

President-elect Yoon visited KITA first among the lobby groups after the election. He also attended the "Meeting with Youth Trade Representatives" held by KITA.