Lee pushes U.S. investment in closed-door meetings with Korean executives

President Lee Jae Myung, center, sits down for a meeting with heads of Korea's largest companies and related economic organizations on June 13 at the Presidential Office in Yongsan, Central Seoul. From left are LG Group Chairman Koo Kwang-mo, Samsung Electronics Chairman Lee Jae-yong, President Lee, Hyundai Motor Group Executive Chair Euisun Chung and Lotte Group Chairman Shin Dong-bin. [JOINT PRESS CORPS]

 
President Lee Jae Myung’s recent string of one-on-one meetings with Korea’s top business leaders is drawing attention amid reports that the government is preparing a major U.S.-bound investment plan in anticipation of upcoming tariff negotiations with Washington. The business community, however, appears to be uneasy.
 
On Thursday, Lee met Samsung Electronics Executive Chairman Lee Jae-yong over dinner. The president had held similar meetings with Hyundai Motor Group Executive Chair Euisun Chung on July 14, LG Chairman Koo Kwang-mo on July 15, Hanwha Group Vice Chairman Kim Dong-kwan on Monday and SK Group Chairman Chey Tae-won on Tuesday.
 

Related Article

• National security adviser turned away from White House during 'final critical stages' of tariff talks

• Korea thrown into disarray as U.S. cancels tariff talks

• Kospi ends higher amid postponed tariff talks; won sharply up

• New industry minister to visit U.S. this week for tariff negotiations

 
The meetings between Lee Jae Myung and the chaebol heads reportedly covered a wide range of topics, but the key agenda item was plans for investing in the United States.
 
“It’s not like a company chair can just request a meeting with the president,” said a vice president from one of the four major conglomerates. “If the president asks, ‘What can your company do?’ that question alone puts a lot of pressure on us.”
 
The backdrop of these meetings came to light through foreign media. Bloomberg reported Wednesday, citing multiple sources familiar with the negotiations, that Korea is considering creating a U.S.-focused investment fund as a way to reduce tariffs. According to the report, U.S. Secretary of Commerce Howard Lutnick recently met Trade Minister Yeo Han-koo and requested $400 billion.
 
In actual negotiations, the Korean government is said to be preparing to present more than $100 billion in new U.S. investment plans centered on Samsung, SK, Hyundai Motor and LG. The government is reportedly reviewing a proposal to create a fund focused on defense and shipbuilding — sectors with potential for Korea–U.S. manufacturing collaboration.
 

U.S. President Donald Trump gestures after signing executive orders related to artificial intelligence during the ″Winning the AI Race″ Summit in Washington D.C., U.S., July 23, 2025. [REUTERS/YONHAP]

 
However, since this figure amounts to just one-fourth of Lutnick’s request, the size of the fund may increase depending on the circumstances. Japan, for example, began talks at $400 billion but ultimately agreed to $550 billion in U.S. investments. Korea’s fund is also expected to include infrastructure development, procurement of advanced equipment and expanded energy purchases in the United States.
 
While the four major conglomerates are reviewing their investment plans, they are reportedly wary of committing to any new large-scale projects. In March, Chung visited the White House and announced $21 billion in investments over the next four years in locations including Louisiana.
 
“We’re already ramping up local investments and strengthening ties with U.S. shipyards,” said a representative from a Korean shipbuilder. “It’s nearly impossible to commit to additional large-scale investments in U.S. shipyards where productivity remains low.”
 
“It’s been over six months since the Trump administration took office, and Korean firms have already been pushed to their limits,” said a senior government affairs executive at a major conglomerate. “If we’re asked to give even more, it’s a real dilemma. Any additional investment in the U.S. would inevitably reduce our capacity for domestic investment.”


Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM KI-HWAN [yoon.soyeon@joongang.co.kr]