S. Korea’s top 4 business leaders strengthen U.S. ties ahead of Trump’s return

Samsung, SK, Hyundai, and LG Expand U.S. govt relations as Trump prepares to return

South Korea’s top four conglomerates are bolstering their strategies to prepare for the incoming second Trump administration, which is set to launch in January next year. Following former President Donald Trump’s confirmed victory in the U.S. presidential election held on Nov. 5, S. Korean business leaders have turned their attention to leveraging their connections with Trump and his network.

Samsung Electronics Chairman Lee Jae-yong notably received an invitation to Trump’s summit related with technology in 2016, held for global IT leaders, making him the only S. Korean businessperson invited. However, Lee could not attend due to an ongoing investigation related to the scandal involving manipulation of state affairs.

Instead, in 2019, Lee met Trump during his visit to S. Korea, along with other major conglomerate leaders, where Trump publicly thanked him and SK Group Chairman Chey Tae-won for their investments in the U.S.

Chey, who also chairs the Korea Chamber of Commerce and Industry, sent a congratulatory letter to Trump on Nov. 7, expressing confidence that Trump’s strong and decisive leadership will accelerate America’s economic recovery and contribute to the global economy’s continued prosperity.

South Korea’s largest conglomerates are moving swiftly to reinforce their diplomatic and business strategies, anticipating stronger ties with the U.S. as former President Donald Trump prepares to take office again in January. /AP Yonhap News

Chey is also expected to attend the “Trans-Pacific Dialogue” (TPD) in Washington, D.C., next February.

Since 2021, the Chey Institute for Advanced Studies, chaired by Chey and held annually in the U.S., has hosted dialogues among current and former officials from S. Korea, the U.S., and Japan, as well as scholars and business leaders, to address pressing international issues and pursue solutions through cooperation.

Hyundai Motor Group Chairman Chung Eui-sun, who has maintained close ties with Republican figures in the U.S., strengthened his company’s diplomatic outreach during Trump’s first administration by recruiting former senior U.S. officials for the company’s overseas policy affairs.

In 2020, Hyundai appointed Robert Hood, former U.S. Assistant Secretary of Defense for Legislative Affairs, as Vice President in charge of government affairs in its Washington office. In January this year, former U.S. Ambassador to South Korea Sung Kim joined the company as an advisor.

Chung also met with Arkansas Governor Sarah Huckabee Sanders, a close Trump ally, when she visited South Korea in March. In July, Fred Fleitz, vice chairman of the America First Policy Institute and another Trump confidant, visited Hyundai’s headquarters, the only South Korean corporation he visited during his trip.

On the other hand, LG Group Chairman Koo Kwang-mo appointed Joe Hagin, who served as Deputy White House Chief of Staff under Trump, to head LG’s newly established Washington office in 2022, overseeing the group’s engagement with the U.S. government and Congress.

From left: Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, SK Group Chairman Chey Tae-won, and LG Group Chairman Koo Kwang-mo. / Courtesy of each company

These conglomerates have expanded their global government relations divisions to strengthen connections also.

Samsung Electronics upgraded its Global Public Affairs (GPA) team, responsible for communication with overseas government and corporate entities, to a division-level organization late last year. SK Group aims to engage with Trump administration officials through “SK Americas,” its North American public affairs division. Hyundai Motor Group elevated its Global Policy Office to a business division earlier this year, while LG Group’s Global Strategy Development Center has been actively operating since last year.

The conglomerate leaders are also reportedly arranging meetings with President-elect Trump. The Federation of Korean Industries (FKI), the country’s largest private economic organization, is expected to play a significant role in bridging the U.S. and S. Korean business communities. The organization’s chairman, Ryu Jin, has deep ties to the Republican Party.

Next month, the FKI and the U.S. Chamber of Commerce will hold the 35th Korea-U.S. Business Meeting in Washington, D.C., scheduled for the second week. This event marks the first official gathering of Korean and U.S. political and business leaders since Donald Trump’s election victory. Senior executives overseeing global affairs from Samsung, SK, Hyundai Motor, and LG are expected to attend in significant numbers.