Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Business tycoons discuss economic ties with US, Japan
Hyundai Motor Group Executive Chair Chung Euisun speaks during the Trilateral Executive Dialogue at a hotel in Seoul, Wednesday. The event is organized to boost economic and political partnerships between Korea, Japan and the U.S. Courtesy of Hyundai Motor Group
By Lee Min-hyung
Top execs of Hyundai, SK, LG underscore partnership in AI, battery, mobility
Business leaders from major conglomerates here agreed to deepen their partnership with the U.S. and Japan, particularly in the areas of artificial intelligence (AI), batteries and future mobility during their annual trilateral gathering, Wednesday.
Top executives from Hyundai Motor, SK, and LG expressed a shared perspective on the sidelines of the Trilateral Executive Dialogue (TED), a policy discussion platform focusing on economic and security issues between government officials and business leaders from the three countries.
More than 100 representatives from both the public and private sectors, including seven U.S. senators, attended the event held in Seoul. This was the second such gathering, following the inaugural event last November.
During the event, Hyundai Motor Group Executive Chair Chung Euisun discussed the automaker’s efforts to strengthen its comprehensive relationship with the two major economic powerhouses. The carmaker has been a main sponsor of the event for two consecutive years.
Jose Munoz, global president and chief operating officer at Hyundai Motor, emphasized that the automaker will focus on expanding its global presence by teaming up with the participants of the event. In particular, he met with Tetsuo Ogawa, president and CEO of Toyota Motor North America, to discuss their potential collaboration in hydrogen and autonomous vehicles.
Foreign Minister Cho Tae-yul gets out of a vehicle to attend the Trilateral Executive Dialogue in Seoul, Wednesday. Yonhap
HD Hyundai Vice Chairman Chung Ki-sun also expressed the company's intention to enter the U.S. Navy’s maintenance, repair, and overhaul (MRO) market “in the foreseeable future.”
“We will enter the market soon after thoroughly reviewing its profitability,” he told reporters during the event.
This move intensifies the rivalry with Hanwha Ocean, as the shipbuilding arm of Hanwha Group recently secured an MRO contract from the U.S. Navy for a dry cargo and ammunition ship — the first such order among Korean companies — while HD Hyundai chose not to bid on the project.
On the same day, Lee Jae-yong, the executive chairman of Samsung Electronics, also met with the seven U.S. senators and U.S. Ambassador to Korea Philip Goldberg to discuss ways to enhance their bilateral business collaboration.
SK Group Chairman Chey Tae-won, who was absent for the TED, exchanged ideas on how to elevate economic relations by inviting the U.S. senators to the conglomerate’s headquarters the previous day, according to the group.
He underscored SK Group’s role in strengthening the bilateral economic relationship between Seoul and Washington.
“SK is building a semiconductor ecosystem both in Korea and the U.S.,” Chey said during his meeting with the U.S. delegation. “This will contribute to strengthening the AI leadership from both countries. SK’s energy business, including batteries, is rapidly growing on the global scale. The energy business is very important for both sides in terms of national security."
Chey’s absence at this year’s TED was covered by SK On Vice Chairman Yu Jeong-joon. SK On is the battery-making arm of SK Innovation.
A group of other ranking business and government officials, such as LG Corp. President Hong Bum-shik, Foreign Minister Cho Tae-yul and Trade Minister Cheong In-kyo, also attended the event.
Cho expressed confidence in expanding the trilateral partnership with the U.S. and Japan, even with the anticipated inauguration of new governments in both countries.
“The trilateral collaboration will continue to be strengthened, even if Japan and the U.S. launch new governments in the latter half of this year and early next year, respectively,” Cho said. “Korea, for its part, will also keep playing our role proactively in line with our enhanced national power and reputation, and will not passively accept the ongoing geopolitical changes.”