President Lee meets with Korea Inc. chiefs to review game plan ahead of Trump summit

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President Lee meets with Korea Inc. chiefs to review game plan ahead of Trump summit

Published: 19 Aug. 2025, 18:25 Updated: 19 Aug. 2025, 20:14

SARAH KIM
[email protected]

Audio report: written by reporters, read by AI

President Lee Jae Myung, third from left, speaks in a meeting with businesspeople accompanying him on his U.S. visit including Samsung Electronics Executive Chairman Lee Jae-yong, second from left, and LG Group Chairman Koo Kwang-mo, third from right, at the Yongsan presidential office in central Seoul on Aug. 19. [PRESIDENTIAL OFFICE]

President Lee Jae Myung met with business leaders who will accompany him on his trip to the United States on Tuesday to review the game plan for Korea's ambitious investment package ahead of his first summit with U.S. President Donald Trump.

The meeting, which included the chiefs of Korea’s top four conglomerates and heads of major business associations, was arranged for Lee to “meet directly with businesspeople ahead of his U.S. trip to discuss ways to maximize the economic outcomes of the bilateral summit and to hear about our companies' investment and purchasing plans in the United States,” presidential spokesperson Kang Yu-jung said in a briefing.

“Let the government and businesses join forces to turn this crisis into an opportunity,” Lee was quoted as saying during the meeting at the Yongsan presidential office in central Seoul, urging businesses to “achieve significant results during this visit to the United States.”

Samsung Electronics Executive Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo and SK Group Chairman Chey Tae-won, along with chiefs of business associations, attended the two-hour meeting, seen as an occasion for the government to review its strategy and for businesses to offer their viewpoints.

President Lee is scheduled to embark on a two-country tour on Saturday, which takes him to Japan for a summit with Japanese Prime Minister Shigeru Ishiba over the weekend, ahead of his first in-person talks with Trump in Washington on Monday.

In late July, Korea and the United States agreed on a trade deal setting tariffs on Korean exports to the United States at 15 percent, lower than the expected 25 percent. In turn, Korea committed to invest $350 billion in the United States and purchase $100 billion of U.S. liquefied natural gas (LNG) or other energy products. The investment plan includes Korea's $150 billion shipbuilding cooperation initiative, the “Make American Shipbuilding Great Again” (MASGA) project.

The exact amount and more minute details were expected to be fine-tuned during the Lee-Trump summit, but Korea is expected to present a comprehensive package deal covering semiconductors, renewable batteries, shipbuilding, automobiles, nuclear power plants, electricity, biotechnology, energy and minerals. Seoul aims to respond to Trump's give-and-take approach to trade deals amid increased tariff woes.

Lee's business delegation to the United States will comprise approximately 15 companies, including executives from Korea's top shipbuilders, such as HD Hyundai and Hanwha, as well as other key industries.

President Lee Jae Myung, center right, listens to remarks from business leaders in a meeting ahead of his visit to Japan and the United States at the Yongsan presidential office in central Seoul on Aug. 19. His business delegation includes SK Group Chairman Chey Tae-won, head of the Korea Chamber of Commerce and Industry, Samsung Electronics Executive Chairman Lee Jae-yong and LG Group Chairman Koo Kwang-mo, who attended the meeting of businesspeople and heads of major economic associations. [PRESIDENTIAL OFFICE]

In Tuesday's meeting, Lee expressed his gratitude to Korean businesspeople for their hard work during the recent tariff negotiations, leading to “better results than expected,” according to Kang.

“The government's top priority is to revitalize the economy and lay the foundation for sustainable growth,” Lee was quoted as telling the business leaders. “While both the government and businesses are facing challenges due to changing export conditions, we must work together to turn this crisis into an opportunity.”

Samsung chief Lee Jae-yong pledged to "continue investing in related areas to create quality jobs and foster high-value-added industries, separate from already prepared investments," spokesperson Kang said.

Ryu Jin, chairman of the Federation of Korean Industries (FKI), assessed that the recent Korea-U.S. tariff negotiations “removed uncertainty and restored growth potential for Korean companies,” promising in turn that the business community will do its utmost as a partner with the government.

This comes amid reports that the four largest conglomerates, Samsung, SK, Hyundai and LG, plan to invest at least 120 trillion won ($86.4 billion) in the United States.

BY SARAH KIM [[email protected]]