Since the inauguration of President Donald Trump, uncertainty in the international situation has increased, prompting Korean corporations to ramp up lobbying activities. Both private corporations and government departments are contracting with U.S. lobbying firms to build relationships.
According to industry reports on the 28th, HD Hyundai Electric has signed a consulting contract worth $120,000 with the global law firm Squire Patton Boggs. A representative from HD Hyundai Electric noted, "The purpose is to understand and respond to local trends resulting from changes in U.S. tariff policies."
LIG Nex1 has also entered into a lobbying contract with the global law firm Nelson Mullins. On the 7th, Chairman Gu Bon-sang of LIG participated in a Korea-U.S. alliance event held in the U.S. LIG Nex1 is promoting the export of the Poniard missile, which is a rent(expense)-to-ship guided weapon.
Government departments are also gathering information through local lobbying firms. The Ministry of Trade, Industry, and Energy has signed lobbying contracts with the law firms Arnold & Porter and Holland & Knight. A ministry representative stated, "We are comprehensively utilizing various measures from trade to U.S. legislative trends that affect corporate investments." An industry insider noted, "Many departments, in addition to the ministry, are utilizing law firms or lobbying firms for local networking."
Dongkuk Steel Mill's U.S. subsidiary, Dongkuk International, opened a new office in Houston last month, following those in Los Angeles and New York. A Dongkuk Steel Mill representative stated, "We have expanded our territory to the South, where we have major clients, following the East and West, enabling us to respond to the trade environment more effectively."
Korea Hydro & Nuclear Power is conducting promotional activities under a contract with a U.S. research institute. KAI and Hanwha Aerospace also receive assistance from local consulting firms as needed.
The Korea International Trade Association has a contract with the local lobbying firm Thomas Capital Partners to aid over 70,000 member corporations in local investments and import/export management, among other areas. A representative from the association stated, "Large corporations have dedicated public relations personnel, but mid-sized and small corporations do not, which is why they contract with lobbying firms."
Companies that have utilized lobbying firms claim there is an effect from lobbying. A company representative noted, "When individual corporations reach out, it's difficult to receive a response, but through lobbying firms, they can appeal to U.S. legislators who can create exceptions," adding, "If information is obtained in advance, responses can be quicker, which is helpful."
According to the Korea International Trade Association, the lobbying amount by Korean corporations such as Samsung, SK, and Hyundai Motor last year reached an all-time high. Professor Gu Gi-bo from Soongsil University’s Department of Global Trade said, "Not only in Korea but globally lobbying agents are sought after, so the U.S. lobbying industry is likely thriving," and added, "While lobbying activities are not permitted in Korea, they can minimize losses when entering overseas markets such as the U.S., China, and Europe."