Seoul, Feb 24 (IANS) – A South Korean business delegation described its meeting with newly appointed U.S. Secretary of Commerce Howard Lutnick as “productive,” following reports that discussions included potential $1 billion investments from each company in exchange for fast-track regulatory benefits.
The delegation, consisting of 20 South Korean CEOs and led by SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, met with Lutnick in Washington as part of efforts to strengthen economic ties with the second Donald Trump administration, according to Yonhap News Agency.
Following the meeting, reports surfaced suggesting that Lutnick encouraged investment commitments from South Korean firms, aligning with Trump’s strategy to attract investments from allied trading partners through a new fast-track approval process for major projects.
While Lutnick did not explicitly demand $1 billion investments, he indicated that companies investing beyond this threshold could receive various forms of support from the U.S. government, according to a delegation member who spoke anonymously.
Another attendee, also requesting anonymity, stated that Lutnick provided a structured overview of the latest U.S. trade policies. “It was a productive session that helped us better understand U.S. trade policy,” he added.
Market analysts believe the meeting could introduce additional complexities for South Korean companies’ investment strategies, especially as firms navigate potential tariff increases and a reassessment of semiconductor subsidies under Trump’s leadership. Amid ongoing uncertainties in global trade policies, companies are expected to weigh various scenarios before finalizing investment decisions.
Several South Korean firms, including SK Group, have signaled a willingness to increase their U.S. investments, particularly as heightened trade tensions and protectionist measures under the Trump administration could pose operational challenges. Chey Tae-won previously stated that SK Group could explore further investments in the U.S. if attractive incentives are introduced.
The meeting was arranged at the last minute, due to Lutnick’s confirmation process, Senate approval, and inauguration schedule. It took place just three hours before his swearing-in ceremony.
Recent Random Post:
