South Korea's Business Delegation Describes Meeting with US Commerce Secretary as 'Productive'

Seoul, Feb 24 (NationPress) A South Korean business delegation visiting the United States described their meeting with the newly appointed U.S. Secretary of Commerce Howard Lutnick as “productive,” following reports that the discussions involved proposals for $1 billion in investments from each company in return for “fast-track” regulatory benefits.

The delegation, which included 20 CEOs from South Korea and was led by SK Group Chairman Chey Tae-won, who also presides over the Korea Chamber of Commerce and Industry, met with Lutnick in Washington. This visit aimed to bolster dialogue with the second administration of Donald Trump, according to reports from Yonhap news agency.

Subsequent reports indicated that Lutnick requested investment commitments from South Korean companies during the half-hour meeting, which seems to align with Trump's strategy to promote investments from allied trading partners via a new fast-track process intended to accelerate project approvals.

One delegation member, who spoke on the condition of anonymity, mentioned, “Secretary Lutnick did not explicitly demand investments exceeding $1 billion but indicated that companies investing more than that amount could receive various forms of assistance from the U.S. government.”

Another anonymous participant reported that Lutnick offered a detailed and organized overview of the latest U.S. trade policies.

He remarked, “It was a productive session that improved our understanding of U.S. trade policy.”

Market analysts observed that this meeting might complicate the investment strategies of South Korean companies, particularly as they consider potential tariff increases and a reevaluation of semiconductor subsidies under Trump’s second term.

Amid growing uncertainties regarding global trade policies, firms are likely to explore different scenarios prior to finalizing investment choices.

South Korean enterprises, including SK Group, have expressed intentions to boost their investments in the United States, as escalating trade tensions and protectionist measures under Trump could create operational challenges.

Previously, Chey indicated that SK Group might contemplate further investments in the U.S. if adequate incentives are provided under the new administration.

This meeting was arranged at the last moment due to the secretary's confirmation process, which involved a Senate approval vote and inauguration activities. The meeting occurred just three hours prior to Lutnick's swearing-in ceremony.