Samsung, SK, and Hyundai Motor Increased US Lobbying Funds Last Year

It has been identified that the amount spent by major domestic companies, including Samsung, on lobbying in U.S. political and governmental circles significantly increased last year.

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According to the website of the non-profit organization 'OpenSecrets,' which provides information on U.S. political funding, Samsung Group (Samsung Electronics, Samsung Semiconductor, Samsung SDI U.S. subsidiaries) spent $5.79 million (approximately 7.6 billion KRW) on lobbying in the U.S. last year. This represents about a 56% increase from $3.72 million (approximately 4.8 billion KRW) in the previous year.

OpenSecrets reported that Samsung Group's U.S. lobbying funds had gradually decreased since $3.91 million (approximately 5.1 billion KRW) during the Donald Trump administration in 2018, but sharply increased starting from the third quarter of last year when the U.S. semiconductor law, aimed at fostering its domestic semiconductor industry, was enacted.

The organization also analyzed that SK Hynix (SK Hynix U.S. subsidiary, Solidigm) spent $5.27 million (approximately 6.9 billion KRW) on U.S. lobbying last year, a 43% increase from $3.68 million (approximately 4.8 billion KRW) the previous year. This is the first time both groups have spent over $5 million annually on lobbying in the U.S.

Hyundai and Kia Motors (Hyundai Motor, Supernal, Hyundai Steel, Kia Motors U.S. subsidiaries) also spent a record-high $3.36 million (approximately 4.4 billion KRW) on lobbying in U.S. political and governmental circles last year. The organization analyzed that Hyundai's lobbying funds were used for activities related to the Inflation Reduction Act (IRA) and others.