South Korea’s president to visit US with 15 business leaders after Japan

South Korea’s President Lee Jae Myung will travel to Japan and the US starting on Aug. 23, accompanied by 15 business leaders from the country’s largest conglomerates, including Samsung Electronics Co. Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won, the presidential office said Thursday.

During his first-ever summit with US President Donald Trump, Lee is expected to discuss details of a recently agreed trade deal, which lowers US tariffs on Korean imports to 15% from 25%, as well as other foreign policy and security issues.

After arriving in Tokyo on Saturday, Lee will hold a summit meeting with Japan’s Prime Minister Ishiba Shigeru and then attend a state banquet.

The next day, Lee will fly to Washington, D.C. after a morning meeting with Japanese lawmakers.

His summit with President Trump is set for Monday Eastern Standard Time, followed by a working lunch. The president may also hold additional sessions with US business leaders and academics.

BACKED BY A BUSINESS DELEGATION

Lee’s first visit to the US as a state head will be accompanied by a delegation of 15 Korean conglomerate chiefs led by Federation of Korean Industries (FKI) Chairman Ryu Jin.  

They include Samsung Electronics Lee; SK Hyinx Chey; Hyundai Motor Group Chairman Chung Euisun; LG Group Chairman Koo Kwang-mo; Hanwha Group Vice Chairman Kim Dong-kwan; HD Hyundai Co. Executive Vice Chairman Chung Kisun; GS Group Chairman Huh Tae-soo; CJ Group Chairman Lee Jae-hyun; Korean Air Lines Co. Chairman Cho Won-tae; LS Group Chairman Koo Ja-eun; Doosan Enerbility Co. Chairman Park Gee-won; Korea Zinc Inc. Chairman Choi Yun-birm; Naver Corp. Chief Executive Choi Soo-yeon; and Celltrion Inc. Chairman Seo Jung-jin.

Lotte Group is also part of the delegation, though it is unclear whether Chairman Shin Dong-bin will join.

As the South Korea-US summit is taking place just a few weeks after the two countries agreed on the tariff deal, the business leaders are expected to highlight their ongoing or additional US investments.

Samsung is currently building a foundry plant in Taylor, Texas, while SK is set to embark on the construction of an advanced semiconductor packaging plant in West Lafayette, Indiana, which will focus on packaging high-bandwidth memory (HBM) chips.

Hyundai Motor Group in March announced a plan to invest $21 billion in the US auto, parts, logistics, steel and future industries through 2028.

LG Energy Solution Ltd., a battery-making arm under LG Group, is building multiple joint and independent battery-manufacturing plants across the US.

Conglomerates also in the limelight are Hanwha Group and HD Hyundai, which are expected to lead Seoul’s $150 billion shipbuilding cooperation initiative, dubbed "Make American Shipbuilding Great Again" (MASGA), aimed at revitalizing the US shipbuilding industry.

The initiative played a key role in striking the South Korea-US trade deal.

Reflecting its importance, President Lee will visit Hanwha’s local shipyard, Hanwha Philly Shipyard, in Philadelphia on Aug. 26, joined by senior US political and business figures.

The shipyard is central to the MASGA plan, and Hanwha Chairman Kim will likely give a brief about the US shipyard’s shipbuilding plan during Lee’s visit.

SECOND ROUND OF TRADE TALKS

South Korean trade and industry officials are already in Washington for preparatory meetings.

Trade Minister Yeo Han-koo reportedly met with US Trade Representative (USTR) Jamieson Greer in Washington on Thursday afternoon, just a day after his arrival, according to media reports.  

They were said to have discussed details of the two countries’ trade deal to narrow the gap over various issues before the summit.

Kim Jung-kwan, Korea’s Minister of Trade, Industry and Energy, left for Washington, D.C. on Thursday for possible meetings with Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright.

Korea’s Minister of Foreign Affairs, Cho Hyun, traveled to Washington earlier than planned, skipping Lee’s Tokyo summit.

The leaders’ agenda in Washington is expected to include trade, shipbuilding, batteries, semiconductors, nuclear energy and security on the Korean Peninsula.

At a meeting with senior aides on Thursday, President Lee noted that his upcoming visits to Washington and Tokyo come at a time of “pressing issues” amid shifts in the global order and trade system.

“In diplomacy, I remind myself that the interests of the Korean people must take precedence over the standing of the current administration,” he added.

“I will do my utmost to ensure that foreign and security policies serve shared interests.”

Write to Hyung-Kyu Kim, Sung-Su Bae and Ji-Eun Ha at khk@hankyung.com

Sookyung Seo edited this article.