122-member Economic Delegation Accompanies Yoon to the US... "Pursuing Dozens of MOU Signings" (Update)

by Bae Kyunghwan

Published 19 Apr.2023 16:18(KST)

Samsung Chairman Lee Jae-yong and Top Business Leaders of Largest Scale... "Concrete Actions in Economic Diplomacy Field"

President Yoon Suk-yeol is embarking on a state visit to the United States accompanied by a large-scale economic delegation. The delegation includes 122 members, featuring the heads of the four major conglomerates: Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group; Chung Eui-sun, Chairman of Hyundai Motor Company; and Koo Kwang-mo, Chairman of LG Group. This is the largest delegation since the launch of the Yoon administration. During this visit, President Yoon plans to focus on sales diplomacy and collaborate with them to expand exports.

Choi Sang-mok, Chief Secretary for Economic Affairs, held a briefing at the Yongsan Presidential Office on the afternoon of the 19th, stating, "A large-scale economic delegation of 122 people, led by the private sector, will accompany the state visit. Together with the 'No. 1 salesperson president,' we will concretize economic-centered summit diplomacy on site."

[Image source=Yonhap News]

According to the Presidential Office, the size of this economic delegation is the largest since the government took office. Chief Secretary Choi added, "Small and medium-sized enterprises and mid-sized companies account for 70% of the total, and the industries represented are diverse, ranging from advanced sectors such as semiconductors, electric vehicles, batteries, bio, robotics, IT, and software to cultural content and defense industries. This shows that the horizon of Korea-US economic cooperation is expanding."

Key participants in the economic delegation include, besides the heads of the four major conglomerates, Shin Dong-bin, Chairman of Lotte Group; Kim Dong-kwan, Vice Chairman of Hanwha Group; Huh Tae-soo, Chairman of GS Group; Chung Ki-sun, President of HD Hyundai; Lee Jae-hyun, Chairman of CJ Group; and Cho Won-tae, Chairman of Hanjin Group. Additionally, chairpersons of six major economic organizations such as the Federation of Korean Industries, Korea Chamber of Commerce and Industry, Korea International Trade Association, Korea Federation of SMEs, Korea Employers Federation, and Korea Association of Mid-sized Enterprises will also accompany the delegation.

Chief Secretary Choi added, "Through economic events involving businesspeople from both countries, we will strengthen cooperation in advanced industry supply chains and promote the signing of dozens of MOUs (Memoranda of Understanding) to solidify cooperation between companies and institutions of both countries."