President Lee Holds Private Dinner with Lee Jae-yong; Semiconductor and U.S. Investment Talks Expected

[Financial News] President Lee Jae-myung reportedly had a private dinner with Samsung Electronics Chairman Lee Jae-yong on the 26th. The meeting came after his talks with SK Group Chairman Chey Tae-won on the 20th, underscoring his efforts to broaden communication by meeting with the leaders of major conglomerates one after another. He is believed to have heard business views on key domestic and international economic issues, including the government’s three major mega-projects and investment in the United States. He is also expected to meet soon with Hyundai Motor Group Chairman Chung Eui-sun.
According to political and business sources, President Lee is said to have held a private dinner meeting with Lee on the day. Cheong Wa Dae, however, said it was "difficult to confirm a private schedule."
The meeting was likely to include an exchange of views on major economic issues, such as semiconductor fab construction in Yongin and Honam, as well as investment in the United States.
In particular, the government’s key project, the Honam semiconductor cluster, involves a complex set of issues, including the relocation of Gwangju Military Airport, the creation of a national industrial complex, and the building of power and water supply networks. As a result, the two sides are believed to have discussed a wide range of support measures to speed up large-scale investment plans.
As companies expand large-scale semiconductor and artificial intelligence investments at home while facing pressure to make additional investments in the United States, there is also room to believe that the president heard views on Korea-U.S. investment negotiations and future investment plans. In addition, possible exemptions from the 52-hour maximum workweek regulation for research and development personnel may also have been on the table.
Meanwhile, including this meeting, President Lee has met Lee Jae-yong 13 times this year. That is the highest number among the heads of the four major business groups. Lee Jae-yong attended events starting with the China-South Korea Business Forum on Jan. 5, followed by a business meeting on Feb. 4 on expanding youth jobs and regional investment, and the state dinner for the Brazilian president on Feb. 23. In April, he accompanied President Lee on trips to India and Vietnam, joining him for the India schedule, the Vietnam state dinner, and the Korea-Vietnam Business Forum.
In June, he attended the state dinner and business roundtable during the trip to Italy, and on the 25th he held a separate private meeting with President Lee. He then took part in the three major mega-project announcement on the 29th and the advanced industry briefing for the Chungcheong region on July 2. Last month, he also attended the San Francisco AI Summit. As major economic issues such as expanded semiconductor and AI investment and the restructuring of global supply chains have continued to emerge, the points of contact between President Lee and Lee Jae-yong appear to have increased further.
[email protected] Choi Jong-geun Reporter