Three Business Leaders Gather in Washington... 'Team Korea' Goes All Out to Support Tariff Agreement

Pursuing Meetings with Key U.S. Officials
Chung Euisun Departed Early on the 28th,
Reaffirmed $21 Billion Investment in the U.S.
Lee Jaeyong Provided Indirect Support Through Semiconductor Investment
Kim Dongkwan Backed $15 Billion Shipbuilding Cooperation Fund
Conveyed Investment Commitment and Supported Government Proposals

With South Korea and the United States reaching a dramatic agreement on tariff negotiations on the 30th (local time), attention is also focused on the three business leaders who acted almost as special envoys during this process. Lee Jae-yong, Chairman of Samsung Electronics, Chung Euisun, Chairman of Hyundai Motor Group, and Kim Dongkwan, Vice Chairman of Hanwha Group, all boarded flights to the United States around the same period to support the negotiations with their full efforts.

According to the government and business circles on this day, it is reported that these three leaders sought meetings with key officials of the U.S. government during the negotiations and conveyed South Korea’s determination to reach an agreement. Kim Yongbeom, Policy Chief of the Presidential Office, said the previous day, “The private sector has established a significant network in the United States over the years,” adding, “We share that network with the government as needed for the overall framework of negotiations, and sometimes, from the private sector’s perspective, they emphasize the importance of these issues on our behalf,” explaining their roles.

Hyundai Motor Group Chairman Euisun Chung and Georgia Governor Brian Kemp are taking a commemorative photo at the completion ceremony of 'Hyundai Motor Group Metaplant America' (HMGMA) held on March 26 (local time) in Ellabel, Georgia, USA. Photo by Yonhap News

It is reported that Chairman Chung reaffirmed the $21 billion (31 trillion won) investment plan in the U.S., which he had personally announced at the White House in March, ahead of the negotiations. At that time, he revealed plans for expanding a new automobile plant in Georgia, building a new steel plant in Louisiana, and purchasing $3 billion worth of U.S.-produced liquefied natural gas (LNG). Although it was reported that Chairman Chung departed on the 30th, it has been confirmed that he actually left on the 28th. By supporting the negotiations early on-site, he contributed to the achievement of lowering tariffs on automobile items to 15%.

Samsung Electronics Chairman Jay Y Lee is departing for Washington through the Seoul Gimpo Business Aviation Center (SGBAC) in Gangseo-gu on the 29th. Photo by Yonhap News

Chairman Lee, who departed on the 29th, provided indirect support through semiconductors. Samsung Electronics is currently investing a total of $37 billion (54 trillion won) to build a large-scale foundry (semiconductor contract manufacturing) plant in Austin, Texas. In addition, it was reported that Samsung Electronics signed a contract to supply automotive chips worth 2.27648 trillion won ($1.6544 billion) to Tesla, the leading electric vehicle company in the U.S., opening a new chapter in South Korea-U.S. cooperation.

Hanwha Group Vice Chairman Dongkwan Kim attended President Trump's inauguration ceremony held in Washington DC on January 20 (local time), where he communicated with key cabinet members of the Trump administration as well as political and business figures, strengthening his global network. Hanwha Group Vice Chairman Dongkwan Kim and Defense Secretary nominee Peter Hegseis are taking a commemorative photo. Photo by Yonhap News

Kim Dongkwan, Vice Chairman of Hanwha Group, also played a significant role in achieving major results in the shipbuilding sector, including the creation of a $150 billion dedicated shipbuilding cooperation fund. Earlier this year, Hanwha invested $100 million to acquire Philly Shipyard (Hanwha Philly Shipyard) in the U.S., and to further support the negotiations, the company proposed additional investment in Hanwha Philly Shipyard, technology transfer, and local workforce training to the government. Kim Taehwang, a professor of international trade at Myongji University, stated, “The leaders of major corporations likely conveyed their sincerity regarding investments in the U.S. directly and supported the government’s proposals,” adding, “Their participation appears to have strengthened the South Korean negotiating team.”