Chey Taewon to Visit U.S. for the First Time Since Launch of 'Trump 2.0'
Business Organization Leaders Including Ryu Jin and Yoon Jinsik Prepare for U.S. Trips
Leadership Vacuum in Diplomacy and Trade... Mobilizing All Private Sector Capabilities
Heads of business organizations have swiftly prepared to visit the United States to resolve the 'Trump risk.' Despite the ongoing leadership vacuum in diplomacy and trade, they plan to mobilize all private sector capabilities to find a way forward.
(From left) Chey Tae-won, Chairman of SK Group and Chairman of the Korea Chamber of Commerce and Industry, Ryu Jin, Chairman of Poongsan Group and Chairman of the Korea Business Association, Yoon Jin-sik, Chairman of the Korea International Trade Association
According to the business community on the 3rd, Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry (KCCI), will visit the United States to attend the Trans-Pacific Dialogue (TPD) held in Washington DC on the 21st and 22nd. This will be his first trip to the U.S. since President Donald Trump's inauguration, and among the heads of the four major conglomerates, he is the first to visit Washington DC according to the known schedule.
TPD is an event hosted by the Choi Jong-hyun Academic Foundation, chaired by Chairman Chey, since 2021. Although it is usually held in December, this year it was rescheduled to February considering the political schedules of the U.S. and Japan. Given that many opinion leaders from Korea, the U.S., and Japan have attended in the past, prominent figures from political and business circles are expected to gather at this year's event as well.
Inside and outside the business community, there is anticipation that Chairman Chey will propose new cooperation measures with the U.S. starting from the solidarity with Japan he has previously mentioned. Discussions are also expected on various businesses that have emerged as key pillars of the global economy in the AI era, such as semiconductors, infrastructure, and energy industries.
In particular, as the chairman of KCCI and the senior figure in the business community, he is expected to seek economic solutions at the national level and with overseas political and business circles. Although the possibility of meeting President Trump is low, it is reported that he plans to stay in Washington DC before and after the TPD event to expand his network by communicating with officials from the new administration. A business community official said, "He is preparing the trip not only on behalf of SK Group but also to open a path for the national economy."
Other heads of business organizations are also targeting their U.S. networks. Ryu Jin, chairman of the Korea Economic Association (and chairman of Pungsan Group), known as a prominent U.S.-savvy businessman, is expected to visit the U.S. as early as March. Chairman Ryu has close ties with the Republican political circles, including former President George Bush. It is anticipated that he will seek ways for Korean companies to respond to risks of the Trump era, such as the 'tariff bomb,' through his extensive personal network.
Since shortly after President Trump's election last year, Chairman Ryu has activated private channels between Korea and the U.S., and at the end of the year, he held the Korea-U.S. Business Council general meeting in Washington DC. The Korea Economic Association plans to study and respond to new U.S. policy directions through a reorganized 'Trump 2nd Term Response Task Force (TF).'
Yoon Jin-sik, chairman of the Korea International Trade Association and a former career economic official, plans two trips to the U.S. in the first half of the year. The first, in March, targets state governments. His strategy is to find a way forward in federal government policy through a bottom-up 'grassroots outreach' approach. In May, he plans to attend the 'SelectUSA' Investment Summit and intends to engage with officials from the U.S. Department of Commerce, the Office of the U.S. Trade Representative (USTR), and others from the Trump administration.
A business community official said, "The absence of a final person responsible for coordinating diplomacy and trade policies is a significant concern for companies," adding, "Even considering the possibility of an early presidential election, the confusing situation is expected to continue until summer, making it more important than ever to concentrate private sector trade capabilities."
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