SEOUL, Feb. 26 (Yonhap) — The Federation of Korean Industries (FKI), South Korea’s major business lobby group, said Friday it reappointed its current chairman to lead the organization for another two years.

Its some 500 member companies have approved the lobby group’s proposal to extend Chairman Huh Chang-soo’s tenure by another two years until February 2023, the FKI said in a statement.

Chairman Huh has led the FKI well in the past 10 years despite a series of challenges.

“Faced with a low growth rate, a low birthrate and aging population, (member companies of) the FKI will make efforts to generate more jobs and make investments for the country’s economic growth,” Huh said in his inauguration speech.

FKI Chairman Huh Chang-soo delivers an inauguration speech for his sixth two-year term at the FKI headquarters in Yeouido, Seoul, on Feb. 26, 2021, in this photo provided by the business lobby. (PHOTO NOT FOR SALE) (Yonhap)

 Huh served as chairman of energy-to-construction conglomerate GS Group for 15 years and stepped down from the post in 2019.

The chairman faces some challenging tasks of bringing back four major conglomerates, such as Samsung, Hyundai Motor, SK and LG Group — as members and requesting the government ease strict labor laws and regulations against entrepreneurs.

In 2017, the FKI came under fire as chief executives of member conglomerates, such as Samsung, Hyundai and SK Group, were allegedly involved in the corruption scandal involving impeached President Park Geun-hye.

Back then, activist groups called for the disbandment of the group despite its “drastic” reform measures to transform itself into a transparent, consensus-seeking and research-focused entity.