President Lee Jae Myung Holds Private Meeting with Hyundai Motor Group Chair Chung Eui-sun

[Financial News] President Lee Jae Myung reportedly recently met privately with Hyundai Motor Group Chair Chung Eui-sun to discuss domestic and overseas investment issues.
According to ruling-party sources on the 3rd, President Lee held a private meeting with Chung on the 2nd. Although the details were not disclosed, the agenda may have included Hyundai Motor Group’s investment plan of approximately 9 trillion won in Saemangeum, announced earlier this year, as well as the progress of related projects. Hyundai Motor Group, however, said, "We cannot confirm that."
As the Donald Trump administration is pressuring South Korean companies to fulfill their investment commitments in the United States, the two are also believed to have exchanged views on local investment and trade issues. If the United States raises import tariffs, Hyundai Motor Company and Kia’s exports to the United States could be directly affected, so possible countermeasures may also have been discussed.
President Lee has recently continued holding a series of private meetings with the heads of major business groups. After meeting SK Group Chair Chey Tae-won on the 20th of last month, he reportedly had dinner with Samsung Electronics Chair Lee Jae-yong on the 26th.
The meetings with the business leaders appear to have covered a broad range of major economic and industrial issues, including the government’s “three mega-projects,” expanded domestic investment and investment in the United States. In particular, the creation of a Honam semiconductor cluster may have been discussed.
Companies are facing growing pressure as they pursue large-scale investments in semiconductors and artificial intelligence (AI) in South Korea while also responding to additional investment demands from the United States. Against this backdrop, analysts say President Lee held a series of meetings with business leaders to assess the investment environment and hear the industry’s views on areas requiring government support.
[email protected] Choi Jong-geun Reporter