Ministry of Trade, Industry and Energy Holds Meeting with Companies Investing in the U.S.
Jung In-kyo, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, is presiding over the "Meeting with Major U.S. Investment Companies" held on the morning of the 8th at the Astos Room of Lotte Hotel Sogong-dong, Seoul, attended by key U.S. investment company representatives from sectors including semiconductors, electronics, automobiles, batteries, renewable energy, and materials chemistry, such as Hyundai Motor Company, LG Energy Solution, SK On, and Samsung SDI. (2024.11.8) Photo by the Ministry of Trade, Industry and Energy
On the 5th (local time), following the re-election of former President Donald Trump in the U.S. presidential election, uncertainty has increased for domestic companies that have expanded investments in the United States. In response, the government held discussions with related companies to devise countermeasures. Domestic companies agreed on the need to emphasize to the newly established Trump administration that they have contributed to U.S. job creation and advanced industry supply chains, and that a significant portion of their investments are concentrated in Republican regions.
On the morning of the 8th, the Ministry of Trade, Industry and Energy held a "Meeting with Companies Investing in the U.S." at the Lotte Hotel in Seoul, chaired by Jeong In-kyo, Director General of Trade Negotiations. The meeting reviewed the current responses of companies investing in the U.S. to the election results and discussed future public-private joint outreach plans.
Executives from major U.S. investment companies in the semiconductor, electronics, automotive, battery, renewable energy, chemical materials, and power equipment sectors attended the meeting, including Hyundai Motor Company, LG Energy Solution, SK On, Samsung SDI, CS Wind, LG Chem, Lotte Chemical, LS Cable & System, HD Hyundai Electric, Hyosung Heavy Industries, Samsung Electronics, Hanwha Solutions, LG Electronics, and SK Hynix.
The attendees agreed that, with President Trump's election virtually confirmed and a policy shift from the Democratic to the Republican Party expected, significant impacts on domestic companies investing in the U.S. are anticipated. Therefore, they concurred on the need for close cooperation between the public and private sectors to protect the interests of companies operating in the U.S.
In particular, the Ministry explained that there was consensus on the necessity to more actively communicate to U.S. counterparts that domestic companies with the largest U.S. investments as of last year have contributed to job creation and strengthening advanced industry supply chains in the U.S., and that many of these investments are concentrated in Republican districts.
Jeong In-kyo, Director General of Trade Negotiations, emphasized, "The government will closely monitor developments in the new Trump administration and respond calmly and thoroughly to various possibilities. We will establish a close cooperation system with the industry to share relevant information and strive to ensure timely and effective consultations with key figures in the new U.S. administration and industry."
The Ministry of Trade, Industry and Energy stated that it will continue to maintain steady communication with the domestic industry through relay meetings by individual sectors and do its best to ensure stable management of trade relations with the U.S.
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