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When will new president meet business leaders?
President Lee Jae-myung, then-chairman of the Democratic Party of Korea, enters the Samsung Software AI Academy for Youth in Seoul, March 20, as Samsung Electronics Executive Chairman Lee Jae-yong ushers him in. Korea Times photo by Jung Da-bin
By Park Jae-hyuk
Presidential 'appointment ceremony' in July likely to be venue for official 1st meeting
The absence of businesspeople at President Lee Jae-myung's inauguration ceremony on Wednesday has raised questions about when he will meet the heads of Korea's largest conglomerates.
His predecessor, impeached former President Yoon Suk Yeol, met the chiefs of Samsung, SK, Hyundai Motor and LG on the first day of his term in 2022, inviting them to both the inauguration and a follow-up banquet. During former President Park Geun-hye's inauguration in 2013, then-chairmen of Hyundai Motor, LG, POSCO and Hanjin attended the event along with the heads of major business lobby groups, while Samsung and SK sent high-level executives on behalf of their chairmen.
In contrast, former President Moon Jae-in's inauguration in 2017 did not include any businesspeople, as he assumed office immediately without a transition period following Park's impeachment. That event, attended by only 500 people, had been the smallest presidential inauguration in Korea — until Lee's, which had about 300 attendees.
Industry officials expect business leaders to participate in what the presidential office calls the "appointment ceremony," scheduled for July 17 in conjunction with Constitution Day. The event is expected to be as large as a formal inauguration, with thousands of guests invited.
President Lee Jae-myung, then-chairman of the Democratic Party of Korea, talks with SK Group and Korea Chamber of Commerce and Industry Chairman Chey Tae-won, left, before the SK AI Summit at COEX in Seoul in November 2024. Joint Press Corps
Before taking office, Lee had already met with top business leaders as part of his outreach to voters who favor a business-friendly government.
As the chairman of the liberal Democratic Party of Korea, Lee had talks with Samsung Electronics Executive Chairman Lee Jae-yong at the Samsung Software AI Academy for Youth in Seoul in March.
"Samsung's success brings prosperity to its investors," the president said at the time. "I hope Samsung will continue to play a key role in driving national economic growth, just as it has so far."
Lee also held several meetings with SK Group and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won.
They agreed on the importance of economic cooperation with Japan when the KCCI and four other business lobby groups invited the then-presidential candidate to a meeting last month to discuss his campaign pledges. Last November, Lee and Chey met for tea ahead of the SK AI Summit at COEX in Seoul.
President Lee Jae-myung, then governor of Gyeonggi Province, talks with Hyundai Motor Group Executive Chair Chung Euisun, right, on a hydrogen-powered bus at the carmaker's research center in Hwaseong, Gyeonggi Province, May 24, 2021. Courtesy of Gyeonggi Provincial Government
In 2021, while serving as Gyeonggi Province governor, Lee met Hyundai Motor Group Executive Chair Chung Euisun at the automaker's research center in Hwaseong, Gyeonggi Province. The two reportedly spoke for about an hour as Chung gave Lee a ride in the company's hydrogen-powered truck.
That same year, Shinsegae Group Chairman Chung Yong-jin, who has close ties with the family of U.S. President Donald Trump, received a thank-you letter from Lee after the group provided land for a theme park project in Hwaseong.
Given Lee's inaugural pledge to ensure creative and proactive corporate activity, observers expect he will continue engaging with corporate leaders throughout his term.
However, he also faces pressure to ensure such meetings are not perceived as fostering improper ties between politics and business.
Yoon was criticized for frequently summoning business leaders for overseas trips. When they accompanied him on a visit to a traditional market in Busan in 2023, critics said the move was aimed at winning favor from voters hoping for a major corporate relocation to the region.