Samsung, Hyundai Motor, SK, LG and other 4 major groups' Blue House luncheon... "Highlight is President Biden's direct introduction of Korean companies"
[Asia Economy Reporter Ryu Jeong-min] On the 2nd, President Moon Jae-in met with representatives of the four major groups?Samsung, Hyundai Motor, SK, and LG?at Sangchunjae in the Blue House and said, "Thanks to the participation of our four major groups during the recent visit to the United States, the outcomes of the Korea-US summit were very good."
The Blue House luncheon, held from 12 PM that day, was attended by Chung Eui-sun, Chairman of Hyundai Motor Group; Chey Tae-won, Chairman of SK Group; and Koo Kwang-mo, Chairman of LG Group. Samsung was represented by Kim Ki-nam, Vice Chairman of Samsung Electronics Device Solutions (DS), instead of Vice Chairman Lee Jae-yong. Before the luncheon, President Moon held a preliminary meeting at Sangchunjae and expressed his gratitude to the four major groups for their contribution to the success of the Korea-US summit.
President Moon evaluated, "Although the Korea-US alliance has always been a very strong relationship, its scope has expanded further to a more comprehensive development where the two sides complement each other's supply chains in cutting-edge technologies and products such as semiconductors, batteries, and electric vehicles. This is a very meaningful development."
President Moon said, "The highlight was at the joint press conference when President Biden directly pointed out (Korean businesspeople), had them stand up once, and introduced them. That was the biggest highlight," adding, "It seems that our Korean companies’ contributions were highly appreciated."
Chairman Chey congratulated President Moon on the achievements of the US visit. President Moon said, "Especially, Chairman Chey participated in the business roundtable, the joint press conference, and the entire schedule including the battery plant in Georgia (US), which was a great support."
Chairman Chung said, "Thanks to your visit, business with the US seems to be going better." President Moon said, "If our large corporations take the lead, small and medium-sized partner companies will also advance together, and our parts, materials, and equipment will be exported more significantly, which will actually create more domestic jobs and opportunities." Chairman Chung responded, "I will work to create many opportunities."
Lee Ho-seung, Chief of Policy at the Blue House, asked Chairman Koo, "GM and LG’s battery collaboration has been going on for quite some time, right?" Chairman Koo replied, "It’s been quite a while. We have been partners since the early stages of the business. Now, as the electric vehicle market expands further, there are more opportunities and the business cooperation has become stronger."
When Secretary General Yoo Young-min mentioned that SK is collaborating with Ford, Lee asked, "President Biden visited the Ford plant and test-drove a large pickup electric vehicle. I wondered if such a big truck could really be made electric, but it actually runs?" Chairman Chey explained, "It’s the F150, a truck that Americans like."
Regarding this, President Moon evaluated, "Both LG and SK operate their own factories independently and also have joint ventures with Ford or GM. In the case of pickup trucks, we could not secure tariff benefits under the Korea-US FTA, so exports were difficult. However, by establishing joint factories locally, we have been able to overcome that barrier."
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