SEOUL, Aug. 18 (Xinhua) -- South Korean business groups on Tuesday said it was deeply grieved over the death of former President Kim Dae-jung despite of bumpy relations with him due to his move for conglomerate reform.

    The groups, including the Federation of Korean Industries (FKI), praised Kim for leadership, which enabled the South Korean economy to step out of the Asian financial crisis in the late 1990s.

    "Former President Kim left a big mark in the history of democracy, and helped the economy swiftly rebound from the slump during the Asian Financial Crisis by taking a leading role in attracting foreign investment," the FKI said in a statement.

    "Honoring his devotion to the nation, we, business groups, will further focus on ways to recover from the current economic slump," it said.

    The Korea Employers Federation (KEF) also expressed "profound condolences".

    "We won't forget the achievements of former President Kim, who sacrificed himself for democracy and overcoming the financial crisis," the KEF said.

    Earlier in the day, Kim Dae-jung, who held office as South Korean president from 1998-2003, died of complications from pneumonia at the age of 85.