Confidential Meeting of 4 Major Group Heads... Discussion on US Presidential Election and Business Issues

[Asia Economy Reporter Moon Jiwon] The heads of the four major conglomerates are reported to have held a private meeting recently. This marks their first meeting in two months since September.

According to the business community on the 8th, Samsung Electronics Vice Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, SK Group Chairman Chey Tae-won, and LG Group Chairman Koo Kwang-mo met for a private dinner on the 5th at an undisclosed location in Seoul.

The meeting was reportedly arranged by Chairman Chey Tae-won.

At the gathering, the business leaders comforted Vice Chairman Lee, who recently held a funeral, and also honored the achievements of the late Samsung Chairman Lee Kun-hee. Previously, all four conglomerate heads visited the funeral hall to console Vice Chairman Lee and his family.

Words of congratulations were also exchanged for Chairman Chung, who assumed his position last month. In addition, they are believed to have discussed the potential impact of the U.S. presidential election results on domestic industries such as batteries and automobiles.

In particular, it is analyzed that the acceptance of Chairman Chey’s appointment as Chairman of the Korea Chamber of Commerce and Industry (KCCI) and the role of economic organizations were also on the agenda.

On the 30th of last month, Chairman Chey delivered a keynote speech at the Humanities Value Forum held in Andong, Gyeongbuk, stating that as "one of the businesspeople," he would take the lead in fulfilling the new roles society demands from companies and entrepreneurs.

Therefore, the business community interpreted that Chairman Chey might be considering succeeding Chairman Park Yong-man, whose term ends early next year, as the head of the KCCI.

A business community official explained, "Unlike previous generation chairmen, the younger heads have close personal relationships to the extent that they interact individually. Their private meetings seem to have become virtually regular."

In fact, the heads of the four major groups also met in early September, arranged by Chairman Chey. Vice Chairman Lee also facilitated a meeting between Crown Prince Mohammed bin Salman of Saudi Arabia, who visited Korea in June last year, and the heads of the five major conglomerates.