Seoul: President Lee Jae Myung on Sunday committed to reducing hurdles for corporate activities during a meeting with leaders of major conglomerates to discuss actions following the release of a joint fact sheet on bilateral trade and security agreements with the United States. The meeting occurred shortly after the unveiling of a document detailing agreements from recent summit talks between Seoul and Washington, including South Korea's $350 billion investment in the U.S. in exchange for a reduction in U.S. tariffs from 25 percent to 15 percent.

According to Yonhap News Agency, President Lee emphasized the government's role in facilitating a free and creative environment for corporate activities. "The government's key role is to ensure that companies can conduct activities in a free and creative manner across the globe," Lee stated during the meeting at the presidential office.

The gathering was attended by several top executives, including Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, and LG Group Chairman Koo Kwang-mo, among others. Addressing the tariff negotiations, Lee described the process as challenging but necessary amidst a shifting international landscape, praising the government's efforts in managing the situation.

President Lee urged companies to adapt quickly to the new circumstances and see them as opportunities. He stressed the importance of future-oriented strategies, highlighting the vital role of companies in addressing economic challenges. Lee promised support measures, including deregulation, to assist companies and address any emerging issues in the corporate sector.

President Lee also called on companies to maintain robust domestic investments, expressing concerns over potential impacts on local investments due to increased U.S. investments. The presidential office noted that business leaders presented plans for local investments and hiring, reaffirming their dedication to the domestic economy.

Samsung's Lee announced plans to recruit 60,000 new employees in South Korea over the next five years and increase facility investments, including research and development. "While there may be concerns over domestic investment, we will make sure there are not any," he stated, emphasizing Samsung's commitment to creating jobs and collaborating with smaller companies.

SK Group's Chey revealed plans for a substantial investment in the Yongin semiconductor complex, projected at 600 trillion won (approximately $412.2 billion) in the coming years. Hyundai Motor Group intends to invest 125 trillion won by 2030 and increase its workforce by hiring 10,000 new employees next year, up from 7,200 this year, according to Chairman Chung.

Hanwha Vice Chairman Yeo Seung-joo discussed a 7 trillion-won investment plan for Hanwha's shipyard in Philadelphia, expected to open new markets for local shipbuilding and related component manufacturers. Hanwha also plans to invest 11 trillion won in South Korea's shipbuilding and defense sectors, Yeo added.