Washington: Samsung Electronics Co. Chairman Lee Jae-yong and other top executives from South Korea's leading conglomerates have departed for the United States to participate in the economic delegation accompanying President Lee Jae Myung for his summit with U.S. President Donald Trump.
According to Yonhap News Agency, the Samsung chairman arrived at the Seoul Gimpo Business Aviation Center of Gimpo International Airport, boarding a flight to Washington. Industry observers are keen to see if Samsung Electronics will reveal plans to expand its chip factory in Taylor, Texas. The company previously announced a $37 billion investment to establish new foundry facilities in Taylor by 2030. Samsung also operates a chip factory in Austin, Texas.
SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo, and Hanwha Group Vice Chairman Kim Dong-kwan also left for the U.S. as part of the presidential economic delegation. Chey stated his commitment to doing his best when asked about his role in the delegation. Other notable business leaders in the group include Hyundai Motor Group Executive Chair Euisun Chung, CJ Group Chairman Lee Jae-hyun, Korean Air Co. Chairman Cho Won-tae, and HD Hyundai Executive Vice Chairman Chung Ki-sun.
The summit, scheduled for Monday in Washington, comes after a recent trade agreement that reduced U.S. tariffs on South Korean goods from 25 percent to 15 percent. In return, South Korea committed to a $350 billion investment and $100 billion in U.S. energy purchases. A portion of the investment, $150 billion, is allocated to Seoul's shipbuilding cooperation initiative, "Make American Shipbuilding Great Again" (MASGA). President Trump has emphasized the revival of the U.S. shipbuilding industry, highlighting South Korea's role due to its expertise in naval vessel construction.
It is uncertain if Korean companies will announce additional U.S. investments during President Lee's first meeting with Trump since assuming office on June 4. Hyundai Motor Group has already declared plans to invest $21 billion in the U.S. by 2028, with allocations for the automotive sector, as well as steel, components, and logistics.
SK hynix Inc. is constructing a $3.87 billion memory packaging plant and advanced packaging R and D facility in West Lafayette, Indiana, to produce high bandwidth memory chips for AI applications. LG Energy Solution Ltd., an LG Group affiliate, operates three battery cell plants in the U.S. and is expanding with new facilities in Michigan, Georgia, and Ohio through joint ventures with GM, Hyundai Motor Group, and Honda.