Washington: Chey Tae-won, chairman of SK Group and head of the Korea Chamber of Commerce and Industry (KCCI), has indicated that the conglomerate may consider further investments in the United States if incentivized under the new Donald Trump administration. Chey's comments came during a meeting with reporters at a forum hosted by the Chey Institute for Advanced Studies, a think tank affiliated with SK Group.

According to Yonhap News Agency, Chey remarked that while the Trump administration expresses a desire for increased production facilities in the U.S., concrete incentives have yet to be outlined. "The Trump administration says it wants more production facilities in the United States, but we also need to have incentives," said Chey. He noted that the administration's promise to lower taxes lacks specificity at this stage, and any plans would depend on forthcoming details.

Chey emphasized that potential incentives need not be financial but should foster mutual benefits between South Korea and the U.S. He acknowledged the high labor costs in the U.S. as a deterrent for investments but mentioned that the situation varies by industry. He suggested that it might be an opportune moment for the AI sector to consider U.S. investments.

Since the first Trump administration and through the Biden administration, South Korean companies, including SK Group, have invested about US$160 billion in the U.S. Chey stated that SK Group is awaiting the Trump administration's review of possible changes to the subsidies established under the Inflation Reduction Act.

At the Trans-Pacific Dialogue in Washington, Chey called for cooperation between South Korea, the U.S., and Japan in AI and energy sectors, which he described as essential. He proposed an industrial partnership among the three nations to create synergy in the global market, particularly in AI within the manufacturing sector, energy, shipbuilding, shipping, and nuclear energy.

Chey also engaged in discussions with new U.S. Secretary of Commerce Howard Lutnick before his swearing-in, focusing on strengthening economic ties and highlighting the extent of Korean investments in the U.S. As KCCI chief, Chey is leading an industrial delegation in Washington, engaging with officials from the White House, the Department of the Treasury, and Congress to address key issues of mutual interest.