Lee meets business leaders ahead of summit in US
Ahead of his first summit with US President Donald Trump, South Korean President Lee Jae Myung met Tuesday with South Korea’s leading business chiefs to map out strategies for boosting the economic outcomes of next week's Washington visit.
According to the presidential office, Lee invited key business leaders accompanying him to the upcoming summit to a closed-door meeting at the presidential office in Yongsan, Seoul, Tuesday morning.
In a press briefing held after the meeting, Presidential spokesperson Kang Yu-jung told reporters that the session was held for Lee "to directly meet with business leaders ahead of his US visit to discuss ways to maximize economic achievements at the summit and to hear their plans for investment and procurement in the United States."
"The government’s top priority is to revitalize the economy and lay the foundation for sustainable growth," Lee was quoted as saying. "While both the government and businesses are facing difficulties due to changing export conditions, we must join forces to turn this crisis into an opportunity."
The roughly two-hour session brought together top business chiefs, including Samsung Electronics Executive Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo, Hanjin Group Chairman Walter Cho, Celltrion Group Chairman and founder Seo Jung-jin, and SK Group Chairman Chey Tae-won, who also serves as chairman of the Korea Chamber of Commerce and Industry.
Senior government officials also joined the meeting, including presidential Chief of Staff Kang Hoon-sik, National Security Adviser Wi Sung-lac, Minister of Trade, Industry and Energy Kim Jung-kwan, and Trade Minister Yeo Han-koo.
During the meeting, President Lee also expressed appreciation for the business leaders’ role in the recent tariff negotiations with the US, which he said helped deliver better-than-expected results.
In response, the business leaders pledged to continue working closely with the government.
Ryu Jin, head of the Federation of Korean Industries and CEO and Chairman of Poongsan Group, said the recent deal with Washington had helped reduce uncertainty and restore momentum for Korean companies.
"The recent agreement with Washington helped eliminate uncertainty for Korean exporters and restored growth momentum. The business community will continue to be a strong partner to the government," he said.
Samsung’s Lee emphasized the group’s commitment to sustained investment both at home and abroad. "We will maintain our commitment to investing not only in the United States but also here in South Korea to foster high-value industries and create quality jobs," he said.
Seo of Celltrion underscored the need for a forward-looking mindset, saying, "A crisis can become an opportunity. We must prepare for future industries with a new perspective." He also called for expanding investment in startups to better support young entrepreneurs.
The presidential office said the business leaders expressed hope for the summit, expecting it to boost US market access for Korean companies and strengthen the country’s industrial competitiveness.
Lee said he would carefully consider the business community’s field-level input and encouraged them "to achieve meaningful results" during the trip, the presidential office added.
On July 31, the government confirmed that planned US tariffs on Korean exports would be reduced from 25 percent to 15 percent.
In return, South Korea pledged a total of $350 billion in investments into the US, including $150 billion for shipbuilding cooperation and $200 billion for strategic sectors such as semiconductors, batteries, and biopharmaceuticals. Seoul also agreed to purchase $100 billion worth of US energy products.
Lee’s trip to the US will include a two-day stop in Tokyo for talks with Japanese Prime Minister Shigeru Ishiba before the summit with Trump.
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