From left, U.S. President Joe Biden, Samsung Electronics Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo.
Samsung, SK, Hyundai Motor, LG likely to be asked to expand investments in US
By Kim Hyun-bin
U.S. President Joe Biden is reportedly seeking to meet with the heads of Korea's four major conglomerates during his state visit here later this month. The event, if realized, will be a venue for Biden to ask for more Korean investments in the U.S., according to industry officials, Thursday.
The U.S. president is scheduled to visit Korea from May 20 to 22, during which he plans to sit down with Samsung Electronics Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo and other high-profile businesspeople in Seoul.
At the meeting, the four major conglomerate chiefs will likely be asked to consider new investments in the U.S., including the establishment of a stable supply chain for semiconductors, electric vehicle (EV) batteries and biotechnology.
"I know that the U.S. Embassy and the American Chamber of Commerce in Korea (AMCHAM) are in contact with individual companies to coordinate their schedules. There are many variables, so it remains to be seen whether the meeting will take place. The reason for the meetings will be similar to past encounters," a senior official at a major business association said on condition of anonymity. "If we look back at what happened in the past, we can gauge what may happen this time."
Former U.S. President Donald Trump met with 18 business leaders during his June 2019 state visit and urged them to invest more actively in the U.S.
Trump met with the heads of Samsung Electronics, Hyundai Motor Group, SK Group and CJ Group and thanked them individually for their increased investments.
Last year, Biden held several meetings with global semiconductor companies such as Samsung Electronics via video to actively cooperate in establishing a stable semiconductor supply chain in the U.S.
Following the opening of Samsung Electronics' semiconductor plant in Austin, Texas, the company is investing 20 trillion won ($15.7 billion) to build a second semiconductor plant in the nearby city of Taylor. SK Group announced that SK Innovation will establish a joint venture with Ford called Blue Oval SK to produce 6 trillion won worth of batteries for EVs.
"We are looking into the matter but have not received an official response from the White House (for the meeting with Chairman Chey)," an official at the Korea Chamber of Commerce and Industry (KCCI) said. Chey is chairman of both SK Group and the KCCI.
Hyundai Motor has decided to invest a total of $7.4 billion in the production of EVs and the expansion of charging infrastructure in the U.S. LG Group has decided to spend more than 5 trillion won on business cooperation with U.S. partner General Motors for LG Energy Solutions (LGES), including battery production.
Biden is also likely to visit one of Samsung Electronics' semiconductor factories during his visit. Samsung has semiconductor factories in Yongin, Hwaseong and Pyeongtaek, and Lee is expected to show him around the production facilities.
When contacted by The Korea Times, Samsung, Hyundai Motor and LG officials all declined to elaborate on the matter.
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