Chung Eui-sun, chairman of Hyundai Motor Group, announced a $31 trillion investment plan for the United States on the 24th (local time) at the White House, with U.S. President Donald Trump looking on. Following the start of Trump's second term, attempts by key government officials to contact President Trump were unsuccessful, leading to evaluations that corporations have independently found a breakthrough.
There are observations within and outside the government suggesting that the Trump administration is intentionally bypassing the South Korean government. It is said that Trump showcased his unique 'The Art of Negotiation' by separating politics and economics.
As the tariff war initiated by the U.S. has intensified, plans by the government to use Hyundai's significant investment in the U.S. as a card to alleviate trade pressures have fallen through. In the diplomatic community, it is also interpreted that it may have been burdensome for corporations to align their moves with the government in a situation of increased political uncertainty.
According to the Ministry of Trade, Industry and Energy and other relevant departments on the 25th, the schedule for Chung Eui-sun's announcement of the investment in the U.S. has been confirmed.
In the business community, there were many predictions that Chung would announce the investment plan at the completion ceremony of the new automobile plant, 'Hyundai Motor Group Meta Plant America (HMGMA),' completed in Georgia. However, the announcement was moved up after President Trump invited Chung and his delegation to the White House.
For the Ministry of Trade, Industry and Energy, which had actively pursued diplomacy with the U.S., this situation might be somewhat disappointing. This is because Chung Eui-sun's announcement of the investment in the U.S. happened just two days after Minister Ahn Duk-geun returned from visiting the U.S. to address the issue of the U.S. Department of Energy's designation of 'sensitive countries' and to prevent trade friction. During Minister Ahn's visit to the U.S., a face-to-face meeting with President Trump and high-ranking officials from our government could have naturally taken place. Regarding this, a ministry official said, 'We have been continuously communicating in the process of coordinating the scale of Hyundai's investment in the U.S.,' but added, 'The invitation from the Trump side and the decision of Chung Eui-sun's side to visit were made quite quickly.'
Currently, no key government officials have met with President Trump. There have been no face-to-face meetings, nor even phone calls. Until the morning of the 24th, Choi Sang-mok, the acting Prime Minister and Minister of Economy and Finance, attempted to arrange a phone call with President Trump during his acting period, but it did not materialize. Han Duck-soo, who has returned to his role as acting Prime Minister, is reported to be actively utilizing diplomatic channels to arrange a phone call with President Trump.
Internally, the Ministry of Trade, Industry and Energy is examining ways to use Hyundai's announced significant investment in the U.S. as leverage in future trade negotiations. Another ministry official stated, 'We believe we can leverage Hyundai's large-scale investment in the U.S. in future trade negotiations.' Another official also mentioned, 'We plan to discuss how to utilize this investment in the U.S. as an added value through private collaboration at the corporate level.'
In the diplomatic community, evaluations have emerged that this event, which excluded the South Korean government, reflects the U.S. government's distrust of the uncertain political landscape in South Korea.
Kim Heung-kyu, director of the U.S.-China Policy Institute, noted, 'For President Trump, seeing South Korea's unstable political landscape, it may have seemed unnecessary to discuss long-term policies that the current government cannot take responsibility for.'
Director Kim further stated, 'From the corporations' perspective, the U.S. administration's exclusion of the South Korean government may not be seen as negative,' and added, 'Considering the recognition that issues related to survival must be decided independently, forming too close a relationship with the current government could have been burdensome.'
There are interpretations that President Trump may have invited only business professionals to exclude government officials in order to showcase the 'large-scale investment attraction' achievement.
Jun Bong-geun, former distinguished professor at the National Diplomatic Academy, stated, 'When President Trump previously invited Masayoshi Son, chairman of SoftBank, to announce investments in the U.S., he also did not invite government officials, indicating an intention to impress the American public by forcing corporations to deliver investment results.'