Korea Inc. heavyweights head to U.S. with trade deal central to presidential summit

More than 16 Korean business leaders, including the heads of the country’s four major conglomerates, will accompany President Lee Jae Myung as part of a business delegation to support the Korea-U.S. summit scheduled for Monday.

Samsung Electronics Executive Chairman Lee Jae-yong departs for the United States from Seoul Gimpo Business Aviation Center in Gangseo District, western Seoul, on Aug. 24. [NEWS1]

More than 16 Korean business leaders, including the heads of the country’s four major conglomerates, will accompany President Lee Jae Myung as part of a business delegation to support the Korea-U.S. summit scheduled for Monday.

The two sides are expected to discuss expansive economic cooperation, ranging from semiconductors, automobiles and batteries to energy, K-culture, biopharmaceuticals and critical minerals.

The delegation will include Samsung Electronics Executive Chairman Lee Jae-yong; SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry; Hyundai Motor Group Executive Chair Euisun Chung; and LG Group Chairman Koo Kwang-mo, according to business sources on Sunday.

Others joining the delegation include Jin Ryu, chairman of the Federation of Korean Industries and chairman of Poongsan, who attended a meeting with President Lee last Tuesday; Kim Dong-kwan, vice chairman of Hanwha Group; Walter Cho, chairman of Hanjin Group; Park Gee-won, vice chairman of Doosan Group and CEO of Doosan Enerbility; and Seo Jung-jin, chairman of Celltrion.

Also on the list are Chung Ki-sun, executive vice chairman of HD Hyundai; Huh Tae-soo, chairman of GS Group; Lee Jay-hyun, chairman of CJ Group; Koo Ja-eun, chairman of LS Group; and Choi Yun-beom, chairman of Korea Zinc. Professional executives joining the delegation include Lotte Vice Chairman Samuel Sang-hyun Kim, head of the retail division, and Naver CEO Choi Soo-yeon.

Lee Jae-yong, Chey Tae-won, Koo Kwang-mo and Kim Dong-kwan departed for the United States on Sunday to join the delegation. Lee Jae-yong was accompanied by top Samsung executives including Samsung Electronics Vice Chairman Chung Hyun-ho, Samsung Heavy Industries Vice Chairman Choi Seong-an, Samsung C&T President Oh Se-chul and Samsung Electronics President Kim Won-kyong.

President Lee Jae Myung, third from left, speaks in a meeting with businesspeople accompanying him on his U.S. visit including Samsung Electronics Executive Chairman Lee Jae-yong, second from left, and LG Group Chairman Koo Kwang-mo, third from right, at the Yongsan presidential office in central Seoul on Aug. 19. [PRESIDENTIAL OFFICE]

With Korea’s top business leaders strengthening their firms' U.S. operations, attention is focused on whether they will present new investment plans to U.S. President Donald Trump, who is seeking to revive domestic manufacturing and restructure high-tech supply chains around U.S. interests.

Samsung Electronics, which recently secured foundry deals with Tesla and Apple, is expected to announce an expansion of its semiconductor plant in Taylor, Texas, during the summit. The company has pledged to invest $37 billion in the United States by 2030.

SK hynix is preparing to build an advanced packaging plant in Indiana. Hyundai Motor Group has committed $21 billion in investments across its auto and steel operations in the United States by 2028, while LG Energy Solution operates battery plants in Michigan, Ohio and Tennessee. All four conglomerates have substantial investments in the U.S. market.

Hanwha Vice Chairman Kim Dong-kwan and HD Hyundai Executive Vice Chairman Chung Ki-sun, who played pivotal roles in initiating the “Make American Shipbuilding Great Again” — or "MASGA" — project last month, are expected to present a detailed cooperation road map for the shipbuilding sector. This may include ship construction plans and technical training programs for local workers.

President Lee is also scheduled to visit Philly Shipyard in Philadelphia, recently acquired by Hanwha, following the summit — raising speculation on whether Trump will join the tour.

Business leaders attend an outdoor ceremony marking the 80th anniversary of Korea's liberation from Japanese colonial rule in Gwanghwamun Square in central Seoul on Aug. 15. From left: Lotte Chairman Shin Dong-bin, LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chairman Euisun Chung and Samsung Group Chairman Lee Jae-yong [YONHAP]

The delegation also includes leaders from sectors such as energy, K-culture, bio and critical minerals. GS Group Chairman Huh Tae-soo is expected to discuss expanding liquefied natural gas (LNG) imports from the United States. GS Caltex and GS EPS already import U.S. crude oil and LNG, and are considering further purchases.

Hanjin Group’s Korean Air Chairman Walter Cho, also known as Cho Won-tae, is attending following a $32.7 billion aircraft and engine procurement deal with Boeing and GE Aerospace. Doosan Enerbility CEO Park Gee-won is expected to advance cooperation on small modular reactors. Celltrion Chairman Seo Jung-jin is seeking to acquire a biopharmaceutical production facility in the United States.

CJ Group Chairman Lee Jay-hyun has led roughly 8 trillion won ($5.77 billion) in cumulative U.S. investments across five CJ subsidiaries, including CheilJedang, Foodville and CGV. CJ Foodville is set to complete a new plant in Georgia by the end of the year to strengthen its local supply chain.

LS Group Chairman Koo Ja-eun has pledged to invest $3 billion in U.S. operations through 2030, focusing on submarine cables, materials and electrical equipment. Korea Zinc Chairman Choi Yun-beom is exploring investments in U.S. smelting facilities, aiming to contribute to critical mineral supply chain cooperation.

“A number of companies that are well-positioned for Korea-U.S. collaboration are included in the delegation, and some are expected to announce new investments,” said an industry insider, while cautioning that Trump’s unpredictable demands could complicate matters.

Concerns have been raised that heightened U.S. pressure for investment may accelerate industrial hollowing in Korea, prompting warnings to guard against domestic capital depletion and talent outflow.

At the meeting with President Lee last Tuesday, Samsung’s Lee Jae-yong said, “Separate from our investments in the United States, we will continue to invest in Korea to create high-quality jobs and nurture high-value-added industries.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom. BY CHOI SUN-EUL [shin.minhee@joongang.co.kr]