At Least 16 Top Executives to Join President Lee's U.S. Visit as Economic Delegation, Covering Semiconductors, Shipbuilding, and Nuclear Power

Hanwha and HD Hyundai Take Center Stage in the MASGA Project
Top Executives from Samsung, SK, Hyundai Motor, LG, and More Join the Delegation

At least 16 top executives from leading South Korean companies will accompany President Lee Jae Myung as part of the economic delegation for his first South Korea-U.S. summit with U.S. President Donald Trump. The delegation spans key sectors, including shipbuilding-central to the MASGA (Make American Shipbuilding Great Again) project, which served as a bargaining chip in the South Korea-U.S. tariff negotiations-semiconductors, a core future industry, and nuclear power, a sector that President Trump has recently shown strong interest in. Through this broad-based economic cooperation, both countries aim to further strengthen their alliance.

According to the business community on August 21, the economic delegation for the South Korea-U.S. summit, to be held in Washington, D.C. on the 25th (local time), will include Chey Tae Won, Chairman of the Korea Chamber of Commerce and Industry; Ryu Jin, Chairman of the Federation of Korean Industries; Lee Jae Yong, Chairman of Samsung Electronics; Chung Eui Sun, Chairman of Hyundai Motor Group; and Koo Kwang Mo, Chairman of LG Group. Other participants include Cho Won Tae, Chairman of Hanjin Group; Kim Dong Kwan, Vice Chairman of Hanwha Group; Park Ji Won, Chairman of Doosan Enerbility; and Seo Jung Jin, Chairman of Celltrion Group.

These leaders also attended the meeting with business organizations and executives who accompanied the U.S.-Japan tour at the Yongsan Presidential Office on the 19th. At that meeting, Chung Eui Sun, Chairman of Hyundai Motor Group, was represented by Vice Chairman Jang Jae Hoon due to scheduling conflicts, but is expected to join the delegation directly from overseas.

Lee Jay Hyun, Chairman of CJ Group, has also decided to join, and Lotte Group will be part of the economic delegation as well. However, it is not yet confirmed whether Shin Dong Bin, Chairman of Lotte Group, will attend. Other members include Huh Tae Soo, Chairman of GS Group; Koo Ja Eun, Chairman of LS Group; Chung Ki Sun, Senior Vice Chairman of HD Hyundai; Choi Yoon Bum, Chairman of Korea Zinc; and Choi Soo Yeon, CEO of Naver.

These individuals are not only leaders of South Korea’s key industries but are also seeking to strengthen their business operations in the United States. For example, Chairman Lee Jae Yong recently signed large-scale supply contracts with Tesla and Apple during his visit to the U.S. and is therefore expected to announce plans to expand the Taylor plant in Texas during the summit. SK Group, led by Chairman Chey Tae Won, is preparing to build a semiconductor back-end process plant for next-generation HBM production in West Lafayette, Indiana, through its key affiliate SK Hynix.

In March, Chairman Chung Eui Sun announced plans to invest a total of $21 billion (about 29 trillion won) in the U.S. automotive, parts, logistics, steel, and future industry sectors by 2028. LG Group, led by Chairman Koo Kwang Mo, is building standalone factories in Lansing, Michigan, and Arizona through LG Energy Solution, in addition to its existing facilities, and is constructing joint factories with Hyundai Motor and Honda in Georgia and Ohio, respectively.

Vice Chairman Kim Dong Kwan and Senior Vice Chairman Chung Ki Sun are expected to present concrete plans and their commitment to the seamless implementation of the MASGA project. In particular, since President Lee Jae Myung is scheduled to visit Hanwha Philly Shipyard in Philadelphia during his trip to the U.S., Vice Chairman Kim Dong Kwan is expected to oversee activities on-site. Senior Vice Chairman Chung Ki Sun is also expected to hold discussions to further partnerships with U.S. defense company Anduril and shipbuilder Edison Chouest Offshore, with whom they have established collaborations.

President Lee Jae Myung is holding a meeting with business leaders who visited the United States and Japan at the Yongsan Presidential Office Building in Seoul on the 19th. Photo by Yonhap News

Chairman Huh Tae Soo of GS Group is expected to focus on U.S. liquefied natural gas (LNG) projects and energy business initiatives. GS Caltex and GS EPS have been purchasing U.S. crude oil and LNG, and are reportedly considering additional LNG purchases. GS, GS Energy, GS EPS, GS Construction, and GS Retail have invested in collective funds and the New Jersey LNG combined heat and power plant in partnership with U.S. venture firms, and are also likely to make new investments in the U.S. electricity and energy storage system (ESS) markets.

Chairman Cho Won Tae is strengthening aerospace cooperation, as Korean Air has signed a contract with Boeing to purchase aircraft and engines worth approximately 48 trillion won. Chairman Park Ji Won is expected to discuss South Korea-U.S. cooperation on Doosan Enerbility’s small modular reactors (SMRs), while Chairman Seo Jung Jin is likely to announce follow-up measures regarding the acquisition of a local bio company’s production plant.

Chairman Koo Ja Eun’s LS Group plans to invest about $3 billion in the U.S. across LS Cable & System’s subsea cable and materials business, LS Electric’s power equipment and systems business, and SPSX’s (Superior Essex) winding and communications business. In April, LS Cable & System began construction of a subsea cable factory worth 1 trillion won in Virginia.

Chairman Lee Jay Hyun is drawing attention for his plans to expand food and content businesses in the U.S., while CEO Choi Soo Yeon is expected to announce cooperation in artificial intelligence (AI). Chairman Choi Yoon Bum is also likely to discuss expanding exports of strategic minerals in line with the U.S. policy of reducing reliance on China in its supply chain.

Meanwhile, ahead of the economic delegation’s visit to the U.S., the government dispatched Minister of Trade, Industry and Energy Kim Jung Kwan and First Vice Minister for Trade Yeo Han Koo as an advance team. Vice Minister Yeo has already left for the U.S. and is expected to meet with Jamieson Greer of the U.S. Trade Representative (USTR), among others, while Minister Kim is also heading to the U.S. and will meet with U.S. Secretary of Commerce Howard Litnick and Secretary of Energy Chris Wright in Washington, D.C. on the 22nd.