Key business leaders, including those from Korea’s top four conglomerates, will visit Washington, D.C. in the first week of December to meet with U.S. political and business figures for the first time since Donald Trump was elected president. With the launch of the second Trump administration on the horizon, they plan to convey the Korean business community’s stance on industrial and trade policies. There is also significant interest in whether a meeting between Korean business leaders and President-elect Trump will take place.
According to the business community on Nov. 8, major Korean business leaders will visit Washington, D.C. for three days in the first week of next month to attend the 35th Korea-U.S. Business Council Meeting, hosted by the Federation of Korean Industries (FKI) and the U.S. Chamber of Commerce.
On the Korean side, Ryu Jin, Chairman of the FKI and head of the Korea-U.S. Business Council, will lead the delegation. The top four conglomerates — Samsung, SK, Hyundai Motor, and LG — who recently completed their membership dues to the FKI, are also positively considering attendance. Last month, the top four conglomerates, along with POSCO, Hanwha, and Hyosung, attended the Korea-Japan Business Council Meeting held in Seoul.
This Korea-U.S. Business Council Meeting is expected to see more companies participating than usual, as it will be the first meeting with U.S. political and business figures right after the presidential election. With the major industrial and trade policies of the second Trump administration expected to become clearer in December, when the transition committee is actively operating, Korean business leaders plan to closely monitor local trends and actively convey their positions.
Particularly, this Korea-U.S. Business Council Meeting will be held in Washington, D.C. for the first time in five years since 2019, drawing attention to whether a meeting between Korean business leaders and President-elect Trump will occur.
As the representative channel for the Korean business community to the U.S., the FKI has been holding the Korea-U.S. Business Council Meeting annually with the U.S. Chamber of Commerce, alternating between the two countries. However, due to COVID-19, the meetings in 2020 and 2021 were replaced with virtual meetings, and in 2022, the in-person meeting resumed in Seoul after three years. Last year, during President Yoon Suk Yeol’s visit to the U.S. in April, a Korea-U.S. Business Round Table was held with business leaders from both countries, so the Korea-U.S. Business Council Meeting was not held separately.
Amid the U.S. government’s clear protectionist stance, Korean business leaders are expected to propose the creation of a free trade environment and the maintenance of subsidy policies for the semiconductor and battery industries at the Korea-U.S. Business Council Meeting, which is being held in the U.S. for the first time in five years.
An FKI official stated, “We will meet not only with U.S. business figures but also with high-ranking officials from Congress and think tanks to convey the Korean business community’s concerns regarding industrial and trade issues and to emphasize the contributions of Korean companies to the U.S. economy, ensuring that these points are well reflected in the second Trump administration’s policies.”
Particularly, as this Korea-U.S. Business Council Meeting is the first to be chaired by Ryu Jin, a renowned expert on the U.S., since he became the head of the FKI, expectations within the Korean industrial sector are high. Ryu, who is also the chairman of Poongsan Group, is well-known for his long-standing close ties with U.S. Republican figures, including former President George W. Bush.
In a press conference last July, Ryu stated, “Even if former President Trump is elected, domestic companies will not face more difficulties because they can easily communicate with him.”
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