A South Korean business delegation led by SK Group chief Chey Tae-won, who chairs the Korea Chamber of Commerce and Industry, has met with key officials in Washington, discussing ways to bolster economic cooperation between the two countries in strategic sectors such as artificial intelligence, shipbuilding, semiconductors and energy.
The group’s two-day visit to the US capital beginning Wednesday marked the first business delegation from Korea since the Donald Trump administration took office on Jan. 20. It also comes as Korean companies brace for the impact of Trump's flurry of tariffs, which could have major repercussions for Asia's fourth-largest economy.
The 26-member delegation, comprising top executives from Korea’s largest conglomerates, met with senior White House officials on Wednesday, according to the KCCI on Friday.
During the meeting, Chey stressed that Korean companies have invested $160 billion in the US over the past eight years, with a focus on the manufacturing sector. He noted that these investments have created more than 800,000 jobs, many with salaries exceeding $100,000 per year.
They also discussed ways Seoul and Washington can create synergy across shipbuilding, energy, nuclear power, AI, semiconductors, mobility and materials and equipment.
In particular, South Korea’s efficient ship construction capabilities could be combined with US advanced technology. The delegation also proposed establishing a partnership to develop new AI-powered services and technology and a US-based mobility supply chain, including robotics and batteries. The discussions included strengthening energy supply chains and cooperation in the construction of next-generation nuclear power plant technologies such as small modular reactors.
The executives additionally emphasized the need for policy predictability by the US government to ensure stable business activities.
In response, White House officials were said to have responded positively, describing the meeting as the most productive among more than 20 business delegations since Trump took office, according to the KCCI. The US officials also noted their own efforts to reduce excessive regulations and improve the investment environment.
On Thursday, the delegation met with officials from the Treasury Department, where Chey emphasized again the Korean companies' substantial contributions to American society, through local economic revitalization, job creation and taxes. Noting that Korean companies will continue to make investments, he urged the department to support financial mechanisms that could further boost bilateral investment.
The KCCI also hosted a Korea-US Business Night gala dinner at the Thomas Jefferson Library of Congress Building in Washington on Wednesday, with more than 250 attendees, including US senators and members of the House of Representatives, state governors and former Cabinet members participating.
In his welcome address, Chey highlighted that bilateral relations that have grown from security cooperation to an advanced economic partnership, calling for a future-oriented partnership in high-tech industries.
Matt Murray, US ambassador for the Asia-Pacific Economic Cooperation, underscored the strength of their bilateral relations and highlighted Korea’s global leadership role as the host of the upcoming 2025 APEC summit to be held in Gyeongju, North Gyeongsang Province.
At the event, individual meetings between Korean companies and officials from major investment destinations also took place.
Among the executives that traveled to Washington were Cho Hyun-sang, vice chair of HS Hyosung, Sung Kim, president of Hyundai Motor, Kim Won-kyoung, president of Samsung Electronics, Yu Jeong-joon, vice chair of SK On, Lee Hyung-hee, president of the SK Supex Council, Yoon Chang-ryul, head of the LG Global Strategy Center, and James Kim, chair of the American Chamber of Commerce in Korea, among others. Top executives from Posco International, Lotte, Hanwha Futureproof, Kakao, Shinsegae Group, LS MnM, Doosan Bobcat, Naver, SPC, Korea Gas Corp. and Korea Hydro & Nuclear Power also joined the delegation.
sahn@heraldcorp.com
