Lee Jae-myung to meet with top business leaders ahead of G7 summit

South Korea’s newly elected President Lee Jae-myung plans to meet with the country’s top business leaders before departing for the Group of Seven (G7) summit in Canada next week, people familiar with the matter said on Monday.

The Office of the President is coordinating a meeting for June 12 or 13, ahead of Lee’s trip to the G7 summit in Alberta from June 15 to 17, sources said.

Participants will include heads of Korea’s five largest conglomerates: Lee Jae-yong of Samsung Group; Chung Euisun of Hyundai Motor Group; Chey Tae-won of SK Group, who also chairs the Korea Chamber of Commerce and Industry; Koo Kwang-mo of LG Group; and Shin Dong-bin of Lotte Group.

Also expected to attend are leaders of the country’s main economic associations: Sohn Kyung-shik of the Korea Enterprises Federation; Ryu Jin of the Federation of Korean Industries; Yoon Jin-sik of the Korea International Trade Association; Choi Jin-sik of the Federation of Middle Market Enterprises; and Kim Ki-moon of the Korea Federation of Small and Medium Businesses.

While the Office of the President has yet to confirm the schedule, a senior government official said: “The meeting is under discussion, but no final date has been set.”

COMMITMENT TO BUSINESS-FIRST POLICY

The planned meeting, set to take place less than two weeks into Lee’s presidency, is seen as a signal of his commitment to the business sector.

Lee has consistently described the private sector as the “engine of economic revival” and is expected to call for increased job creation and investment in advanced industries such as artificial intelligence, sources said.

“The expected meeting between President Lee and business leaders this early shows his determination to revive the economy,” said a senior official at a business association.

During his inaugural speech as president last week, Lee pledged to adopt a "pragmatic and market-oriented" approach to revitalize slowing growth and foster advanced technologies, such as AI and semiconductors.

"I will make a government that supports and encourages, not one that controls and manages," he said, announcing that an emergency economic task force would be "activated immediately."

RENEWED TRADE WAR

The Lee-business leaders meeting also comes amid growing tensions over global trade and supply chains, triggered by US President Donald Trump, whose administration has vowed to impose stiffer tariffs on imports from other countries to protect US interests.

According to sources close to the matter, Lee is keen to hear directly from business leaders about how they plan to respond to a renewed wave of US protectionism, including 25% tariffs on Korean car exports – a sector that has seen shipments to the US fall 32% last month from a year earlier.

The meeting may help prepare the groundwork for potential tariff negotiations under a second Trump administration, sources said.

Washington's sweeping tariff measures have affected Korea's trade-dependent economy. Trump earlier announced reciprocal tariffs, including a 25% levy on Korean goods, though the implementation was later postponed for 90 days.

Trade negotiations are underway between Korea and the US as the two sides have agreed to work toward a "July package" deal addressing trade and related issues, aiming to reach an agreement before July 8.

LEE’S HISTORY OF ENGAGEMENT WITH BUSINESS LEADERS

Lee’s track record of engagement with business leaders predates his presidency.

In March, he had a meeting with Samsung Electronics Co. Chairman Lee Jae-yong. He has also met with SK Chairman Chey and other heads of business associations.

As Gyeonggi Province governor, Lee rode a hydrogen-powered truck with Hyundai Motor Co. Chairman Chung and visited SK Hynix Inc.’s complex in Icheon, south of Seoul, as one of his first stops after being named the Democratic Party’s presidential candidate.

Analysts said such moves reflect Lee’s strategic approach to navigating a more volatile global economic environment.

Write to Jae-young Han and Hyung-Kyu Kim at jyhan@hankyung.com

In-Soo Nam edited this article.