President Lee Jae Myung met with leaders of major conglomerates in Seoul on Sunday to discuss follow-up measures to the recent U.S.-South Korea trade and security agreements, pledging to minimize barriers to corporate activities. The meeting followed the release of a joint fact sheet two days earlier, outlining Seoul's $350 billion investment plans in the U.S. in exchange for reducing U.S. tariffs from 25 percent to 15 percent. Business leaders shared plans for domestic investments and hiring to bolster the local economy.
During the meeting at the presidential office in Seoul on Nov. 16, President Lee Jae Myung stated, "The government's key role is to ensure that companies can conduct activities in a free and creative manner across the globe." This came as he acknowledged the tariff negotiations as a "very difficult process" amid a changing international order, while insisting the government handled it well. He urged companies to swiftly adapt to the new situation and turn it into an opportunity, adding, "What is more important is the future. There is nothing more important than the livelihood of the people and companies are the spearhead in resolving economic issues."
The president vowed various support measures for companies, including deregulation, and promised to swiftly resolve any issues arising in the corporate sector. He also asked firms to maintain strong domestic investments, citing concerns that increased U.S. investments might affect homegrown ones.
Attending business leaders outlined plans for domestic investments and recruitment. Samsung Electronics Chairman Lee Jae-yong announced hiring 60,000 new employees in the domestic market over the next five years and expanding facility investments, including research and development. "While there may be concerns over domestic investment, we will make sure there are not any," he said. SK Group Chairman Chey Tae-won revealed a tentative 600 trillion-won ($412.2 billion) investment in the Yongin semiconductor complex over the next few years. Hyundai Motor Group Executive Chair Euisun Chung pledged 125 trillion won in investments through 2030 and hiring about 10,000 new employees next year, up from 7,200 this year. Hanwha Vice Chairman Yeo Seung-joo detailed a 7 trillion-won investment in the company's shipyard in Philadelphia, U.S., expected to create new markets for local shipbuilding, along with 11 trillion won in domestic shipbuilding and defense sectors.
The discussions aim to implement the outcomes of the recent Seoul-Washington summit, balancing corporate global activities with domestic economic contributions.