President Lee Jae-myung invited Chung Eui-sun, chairman of Hyundai Motor Group, and Koo Kwang-mo, chairman of LG Group, to his presidential residence in Hannam-dong for dinner. Various issues were discussed at the meeting, including investment in the U.S., global trade, and research and development (R&D) investments. This was the first time President Lee met with business leaders since a meeting with the heads of six economic organizations and the leaders of the four major groups at the Yongsan presidential office last month.
According to Spokesperson Kang Yu-jeong on the 18th, President Lee met with Chairman Chung on the 14th and Chairman Koo on the 15th at the presidential residence for dinner. President Lee freely exchanged opinions on the investment plans and response strategies of individual corporations ahead of the tariff negotiations with the Trump administration.
Spokesperson Kang noted, "We listened to the opinions and difficulties regarding investment in the U.S., global trade, local revitalization measures, research and development investment, and future social response plans from the chairs of each group." During the dinner meeting, President Lee inquired about the opinions of the group leaders and reportedly explained his views on several issues.
There is also a high possibility that President Lee will meet with other corporate leaders in the future. Spokesperson Kang said, "President Lee plans to continue communicating with the business community under the 'one team spirit,' and will maintain broad interactions with the business sector." The term 'one team' was also used by President Lee during a gathering last month with leaders of the business community regarding trade issues ahead of attending the G7 summit.
It is unusual for a sitting president to meet with the heads of large corporations at the presidential residence. As President Lee positioned himself as a centrist conservative during the election process and declared a policy of 'corporation-centered growth,' it appears he is expressing his intention to increase communication with businesses. Earlier, just nine days after taking office, on the 13th of last month, President Lee met with the heads of six economic organizations and the leaders of the four major groups for two hours and twenty minutes. That meeting was convened to understand trade-related issues in the business community ahead of President Lee's first international diplomatic stage at the G7 summit.
The meeting between President Lee and the leaders of the corporate sector took place just two weeks before the deadline (August 1) for tariff imposition by the Trump administration. Analysts suggest this is an opportunity to identify how individual corporations are preparing strategies for the global trade war and to solicit their opinions. The reciprocal tariff that President Trump has announced for Korean products is 25%.
The government is attempting a 'trade and security package negotiation' led by Security Office Chief Wi Seong-lak and Trade Negotiation Headquarters Chief Yeo Han-koo. There were speculations that the issue of 'the transfer of wartime operational control' might be included, but the presidential office stated, "While that issue may arise during the security consultation process, we are not there yet." If tariffs are imposed on automobiles, steel, and the like, it will be the biggest crisis for the price competitiveness of domestic corporations, which is why there are discussions about needing to relocate production to the U.S. to avoid tariffs.
Meanwhile, measures for local revitalization were also discussed during the dinner. This relates to the agenda of creating a 'RE100 (100% renewable energy utilization) industrial complex,' as revealed earlier by Policy Chief Kim Yong-beom of the presidential office. In order to revitalize the local economy and move away from a single central system of the metropolitan area, investment from large corporations in non-metropolitan areas must be supported. The key is to create industrial complexes in non-metropolitan areas around renewable energy sources such as offshore wind power and solar power. The ruling party plans to prepare a special law soon, focusing on deregulation and including benefits related to education and residency requirements.