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Business delegation heads to Washington to address possibility of US tariffs
Acting President Choi Sang-mok, front row fifth from left, poses with SK Group and Korea Chamber of Commerce and Industry Chairman Chey Tae-won, front row sixth from left, and the members of the Korean business delegation to the United States, during a dinner at Government Complex Seoul, Sunday. Courtesy of Ministry of Economy and Finance
By Park Jae-hyuk
SK chairman to lead senior executives of top conglomerates
Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry (KCCI), has been busy traveling abroad this month, not only to boost his group's global business but also to create a favorable international trade environment for Korean companies.
The KCCI said Sunday that Chey will lead senior executives from Samsung, SK, Hyundai Motor, LG, POSCO and many other major domestic conglomerates, on a visit to Washington from Wednesday to Thursday. This marks the first Korean business delegation to the United States since U.S. President Donald Trump's inauguration in January.
Hyundai Motor President Sung Kim, a former U.S. ambassador to Korea who currently leads the automotive group's think tank, will join the delegation along with James Kim, the Korean American chairman of the American Chamber of Commerce in Korea who has helped bridge the gap between the two countries.
During a dinner with the delegates at Government Complex Seoul, Sunday, acting President Choi Sang-mok asked them to help the U.S. to understand Korea's situation.
Their forthcoming trip will coincide with Deputy Trade Minister Park Jong-won's visit to Washington from Monday to Friday, also marking the first dispatch of a high-ranking trade ministry official to the U.S. capital since the inauguration of Trump, who has consistently threatened to impose heavy tariffs even on imports from his country’s allies.
The Trump administration announced plans to impose tariffs on imported cars starting around April 2. This follows its decisions to levy "reciprocal" tariffs on U.S. imports, matching the tariffs other countries impose on American goods, as well as 25 percent tariffs on steel and aluminum imports, beginning March 12.
SK Group Chairman Chey Tae-won, right, listens to U.S. President Donald Trump during his meeting with Korean business leaders in Seoul in this June 2019 photo. AP-Yonhap
According to the KCCI, the business delegation plans to meet senior officials from the White House and U.S. economic departments on Thursday, a day after hosting the Korea-U.S. Business Night Gala Dinner at the Great Hall of the Thomas Jefferson Building. U.S. lawmakers, state governors and cabinet members are set to attend the event.
The delegation aims to win Trump's favor by proposing increased energy imports from the U.S., cooperation in the shipbuilding and nuclear energy sectors, more investments in the American car industry and joint research and development for the semiconductor supply chain.
According to the business lobby group, Korea was the largest greenfield investor in the U.S. for 2023 and 2024. Since 2017, it has invested $160 billion in sectors such as cars, semiconductors and batteries. Additionally, during Trump’s visit to Korea in 2017, dozens of Korean firms pledged to purchase U.S. goods and services valued at $57.5 billion, but their actual purchases amounted to $90.8 billion, surpassing the original commitment.
"Amid each country's diplomacy to avoid Trump tariffs, our forthcoming U.S. visit will serve as an important opportunity to make a favorable investment environment for Korean companies there," KCCI Executive Vice Chairman Park Il-jun said. "We will do our best for tangible achievements through communication with the White House and Congress."
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On Friday, Chey also visited the city of Hanoi in Vietnam with the heads of SK Group's energy affiliates to talk with Vietnam's Communist Party General Secretary To Lam and Prime Minister Phan Minh Chinh about ways to strengthen economic cooperation.
According to Vietnamese state-run media, the Korean business tycoon proposed the construction of liquefied natural gas power plants and small modular reactors in the Southeast Asian nation, indicating SK Group's intention to invest in the country's hydrogen, artificial intelligence and logistics industries.
"South Korea remains one of Vietnam's top partners in investment and trade," the general secretary said, emphasizing the shared goal of reaching $150 billion in bilateral trade by 2030 and recognizing Korean companies for contributing to his country's socioeconomic growth.
He also welcomed SK Group's plan to launch new projects in Vietnam, urging the group to collaborate with relevant agencies and municipalities to ensure swift, practical and effective implementation of those projects.