Korean business groups brace for Yoon’s visit to U.S.

[Photos provided by each company]

The South Korean business community is gearing up to boost economic ties with the U.S. ahead of President Yoon Suk Yeol’s state visit to Washington later this month.

According to multiple sources from the conglomerate circle on Wednesday, Kim Bong-man, head of international affairs at the Federation of Korean Industries (FKI), a business lobby group in Korea, flew to the U.S. last weekend to prepare for meetings between Korean and American businesses.

FKI Vice Chairman and Poongsan Group Chair Ryu Jin is also known to have also flown to the U.S.

The preparation comes as Korean business leaders are expected to meet with their counterparts as they accompany Yoon as part of a business delegation during the five-day visit between April 24 and 28.

The chiefs of four major conglomerates - Samsung Electronics Co.’s Executive Chairman Jay Y. Lee, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Euisun Chung, and LG Group Chairman Koo Kwang-mo - are included in the delegation. They had accompanied the president on his visit to Japan earlier in March.

The Korean chiefs will likely meet with business heads of Intel Corp., IBM Corp., Qualcomm Inc., and General Motors Co.

The business delegation is expected to talk with U.S. politicians, too, to ensure that Korean companies are not affected by the U.S. laws such as the Chips Act and guidelines concerning the Inflation Reduction Act.

Korean businesses are likely to announce further investments in the U.S. during the visit, such as the site for SK hynix Inc.’s U.S. chip packaging facility and the construction of Hyundai Motor Co.’s chip and electric vehicle factory.