Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Lotte, Shinsegae in limelight after Trump win
Lotte Group Chairman Shin Dong-bin, second from right, talks with then-U.S. President Donald Trump, left, at the White House in Washington, D.C. in this May 2019 photo. Courtesy of Lotte Group
By Park Jae-hyuk
Retail giants may connect Korean biz community with incoming US gov’t
The reelection of former U.S. President Donald Trump has shed new light on Lotte and Shinsegae, as their chairmen's personal connections with the president-elect and his family members position them to serve as a bridge between the Korean business community and the incoming U.S. administration, amid growing uncertainties surrounding Trump’s trade policies.
In 2019, Lotte Group Chairman Shin Dong-bin became the first Korean conglomerate chief to meet then-U.S. President Trump at the White House.
The invitation was made as Lotte Chemical finished the construction of an ethylene plant in the U.S. state of Louisiana. Trump also sent a congratulatory message to Shin when Lotte held a ceremony to celebrate the completed construction.
“Great to welcome Chairman Shin from Lotte Group to the WH,” Trump wrote on social media at that time. “They just invested $3.1 billion into Louisiana — biggest investment in U.S. EVER from a South Korean company, & thousands more jobs for Americans.”
Referring to South Korea by its official name, the Republic of Korea, he added: “Great partners like ROK know the U.S. economy is running stronger than ever!”
Shinsegae Group Chairman Chung Yong-jin, left, poses with Donald Trump Jr. in the United States in this photo uploaded to his Instagram, Jan. 31. Screenshot from Chung's Instagram
Shinsegae Group Chairman Chung Yong-jin uploaded photos of him standing next to Donald Trump Jr. in January, adding that they had sat next to each other 10 years ago during an event hosted by a media outlet.
The U.S. president-elect’s oldest son also mentioned Chung’s name in August, when he visited Seoul to attend the Build Up Korea 2024 conference, hosted by young conservatives in Korea.
“YJ to all of the sponsors of the Build Up Korea, thank you for having the courage,” Trump Jr. said.
Trump Jr. is known as the person who recommended JD Vance as his father’s running mate.
Under the incoming administration, the son is expected to play a bigger role than his sister, Ivanka, who served as a senior adviser in her father’s previous administration from 2017 to 2021.
In January, Chung also uploaded a photo of him standing next to Jared Kushner, Ivanka’s husband, who also worked as a senior adviser to his father-in-law and the director of the Office of American Innovation during Trump's previous term.
“I met with a famous person, who is very tall,” Chung wrote on his social media.
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Both Shin and Chung were also among the Korean business tycoons who attended a meeting with Trump in Korea in June 2019. The chairmen of Samsung, Hyundai Motor, SK, Hanwha, GS, CJ and Doosan participated in the meeting as well.