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Business trends

South Korea business lobby to be led by top chaebol for first time

Selection of SK's Chey comes after period that conglomerates kept low profile

Chey Tae-won has led SK Group, South Korea's third-largest conglomerate, since 1998. (Photo courtesy of SK Group)

SEOUL -- SK Group Chairman Chey Tae-won was elected to lead the Korea Chamber of Commerce and Industry on Wednesday, marking the first time that the chief from one of the largest of South Korea's sprawling family-owned chaebol helms the powerful lobby.

Chey pledged to contribute toward creating social value and resolving national challenges, saying after his election that business groups play a larger role than in the past, including by recommending economic policy.

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