Gyeongju: U.S. Commerce Secretary Howard Lutnick met with leaders from South Korean and American companies at a business roundtable in Gyeongju to discuss industrial cooperation between the two nations. This meeting followed the summit between President Lee Jae Myung and U.S. President Donald Trump at the Asia-Pacific Economic Cooperation (APEC) gathering.
According to Yonhap News Agency, the event took place at the Gyeongju Arts Center and was closed to the public. It came after the finalization of monthslong trade negotiations, which resulted in Seoul’s $350 billion investment pledge to the United States. The roundtable featured prominent figures such as Samsung Electronics Co. Chairman Lee Jae-yong, SK Group Chair Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo, and Hanwha Group Vice Chairman Kim Dong-kwan. Also in attendance were Korean Industry Minister Kim Jung-kwan and several U.S. business leaders, including Amazon Web Services CEO Matt Garman, who were in Gyeongju for the APEC CEO Summit.
The discussion centered on industrial cooperation, crucial to Seoul’s commitment to invest the combined $350 billion in the United States across sectors like shipbuilding, semiconductors, and batteries. The agreement outlines a two-part investment strategy: $200 billion in cash installments and $150 billion for shipbuilding industry cooperation, with an annual investment cap of $20 billion, as stated by Kim Yong-beom, presidential chief of staff for policy.
The atmosphere was reportedly positive, as reflected by Industry Minister Kim and Lutnick sharing a hug before the roundtable. Ryu Jin, chief of the Federation of Korean Industries, mentioned that Lutnick expressed positive sentiments regarding the tariff deal. A similar event was held in Washington in August, also alongside a Lee-Trump summit.