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FKI marks 20 years of OECD membership

2016/10/24 19:00

SEOUL, Oct. 24 (Yonhap) -- South Korea marked the 20th anniversary of joining the Organization for Economic Cooperation and Development (OECD) Monday with a dinner hosted by the country's largest business lobby.

The dinner hosted by the Federation of Korean Industries (FKI) was attended by some 60 local business leaders and 13 visiting members of the Business and Industry Advisory Committee (BIAC) to the OECD, along with the heads of some 30 diplomatic missions here.

"Our country has continued to modernize its system and liberalize its market since joining the OECD," FKI Chairman Huh Chang-soo said in his opening remarks.

Huh noted the country's economy has more than doubled while its exports have quadrupled since it joined the OECD in 1996.

The head of South Korea's largest business lobby said the global economy is currently facing problems from a prolonged slump, and that the OECD could help overcome such difficulties.

"I believe the OECD will greatly support the global economic recovery if it continues to create an environment for companies to only focus on their business," he said.

Phil O'Reilly, the head of the BIAC agreed, saying various issues discussed and proposed by the OECD are often reflected in the policies of various governments, which in turn affect the performance of their businesses, according to the FKI.

The BIAC chief also noted the advisory committee often had an important say in OECD decisions, and that the FKI has been playing an active, leading role in the committee.

The FKI currently serves as one of 10 vice presidents of the committee that has 41 member organizations from 35 countries.