South Korea’s President meets business leaders to discuss strategy for Trump summit
South Korean President Lee Jae Myung met on Tuesday with the heads of major business conglomerates who will accompany him on his trip to Washington for his planned summit talks with U.S. President Donald Trump, Yonhap news agency reported, citing the presidential office.
Lee held the meeting with Samsung Electronics Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo and SK Group Chairman Chey Tae-won, along with executives from key industries, including semiconductors, shipbuilding, automobiles, defense, biotechnology and energy, ahead of the summit with Trump on Aug. 25, according to Yonhap.
“The meeting was arranged for the president to meet directly with our business leaders ahead of his U.S. visit to discuss ways to maximize economic outcomes at the summit, and to hear about Korean companies’ investment and purchasing plans in the U.S.,” presidential spokesperson Kang Yu-jung told reporters.
The scheduled visit follows a recent trade agreement between Seoul and Washington that reduced the planned U.S. tariffs from 25% to 15% in exchange for South Korea’s commitment to $350 billion in investment and $100 billion in U.S. energy purchases.
Of the pledged investment, $150 billion will be allocated to Seoul’s shipbuilding cooperation initiative, dubbed “Make American Shipbuilding Great Again” (MASGA).
The South Korean President’s visit will mark his first summit with Trump and also includes a two-day stop in Tokyo for talks with Japanese Prime Minister Shigeru Ishiba ahead of his visit to Washington.
