Jung Yong-jin, Kim Beom-seok Attend Trump Inauguration Ceremony... Heads of 5 Major Groups Absent

Many Korean business leaders, including Chung Yong-jin, Chairman of Shinsegae Group, will attend the inauguration ceremony of President-elect Donald Trump. They plan to engage with key figures in American politics and prominent international guests not only at the inauguration but also at related events such as the exclusive inaugural ball, which only a limited number of VIPs can attend. Although the heads of the five largest conglomerates will not attend the inauguration, they plan to arrange substantive meetings after the stabilization of the second Trump administration.

According to business circles on the 20th, among Korean business figures invited to the Trump second inauguration are Chung Yong-jin, Chairman of Shinsegae Group; Ryu Jin, Chairman of Poongsan Group and President of the Korea Economic Association; Kim Beom-seok, Founder and Chairman of Coupang; Woo Oh-hyun, Chairman of SM Group; Huh Young-in, Chairman of SPC Group; and Choi Jun-ho, Vice Chairman of Hyungji. From Hyundai Motor Group, which donated $1 million to the inauguration, Jose Munoz, CEO currently staying in the U.S., is reported to attend only the pre-inaugural dinner.

Chairman Chung is expected to meet key figures introduced by Trump Jr., the eldest son of President-elect Trump, during the inauguration. He is known to meet not only Trump Jr., who is considered a key figure in the second Trump administration, but also top foreign dignitaries and major political and business leaders in the U.S. around the time of the inauguration. He will also attend the inaugural ball with his wife, Ms. Han. Alongside American political figures and prominent international guests, well-known big tech CEOs such as Elon Musk, Jeff Bezos, and Mark Zuckerberg will also attend President-elect Trump's inauguration.

Chairman Kim is also reported to attend not only the inauguration but also the dinner and ball. He received an invitation to the inauguration and related events from the Trump administration. Not only Kim but also the management of Coupang Inc., the U.S. parent company of Coupang, were invited to the inauguration. Kim and other Coupang executives are expected to attend multiple events before and after the inauguration to discuss economic cooperation with American figures.

Chairmen Huh and Woo were invited to the inauguration through recommendations from the Korea-U.S. Alliance Friendship Association. Since its establishment in 2003, the association has consistently engaged in exchange activities, such as selecting and awarding exemplary soldiers of the U.S. Forces Korea. Accordingly, during U.S. presidential inaugurations, two business leaders are recommended from Korea and invited by the U.S. side. Woo Oh-hyun's younger brother, Woo Hyun-ui, is the chairman of the Korea-U.S. Alliance Friendship Association. Chairman Woo was also invited and attended President Trump's first inauguration in January 2017.

Ryu Jin, Chairman of Poongsan Group and President of the Korea Economic Association, also boarded a flight to the U.S. to attend the inauguration. Chairman Ryu quietly departed on the 18th without accompanying association officials. Known as a U.S. expert in business circles, Ryu is said to have close ties with the Bush family within the Republican Party. He is expected to meet various domestic and international political and business figures during his visit.

Chairman Jeong Yong-jin of Shinsegae Group (from the left in the photo), Chairman Ryu Jin of Poongsan Group and President of the Korea Business Association, Kim Beom-seok, founder and chairman of Coupang, Woo Oh-hyun, chairman of SM Group, and Huh Young-in, chairman of SPC Group, have received invitations to the inauguration ceremony of Trump's second term.

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The heads of Korea's five largest conglomerates?Samsung, Hyundai Motor, SK, LG, and Lotte?will not attend this inauguration. Among the five major economic organizations, except for the Korea Economic Association, the Korea International Trade Association, Korea Employers Federation, Korea Chamber of Commerce and Industry, and Korea Federation of Small and Medium Business also declined to participate. Although attending the inauguration through their established networks would not be difficult, they judged that the cost-effectiveness was low.

In particular, there are urgent domestic schedules to handle first, and it seems they believe it is more efficient to conduct outreach after the Trump administration has been firmly established rather than attending the inauguration, which attracts business leaders from around the world. A business insider said, "In the case of Lee Jae-yong, the verdict on the appeal trial regarding the unfair merger of Samsung C&T is expected soon, so business trips will be difficult for a while. I understand that there are no plans for trips during the Lunar New Year, including the Trump inauguration." It is also reported that Chung Eui-sun will not attend the inauguration but is pursuing private meetings.

Choi Tae-won, Chairman of SK Group and President of the Korea Chamber of Commerce and Industry, is also confirmed to have no plans for a U.S. business trip yet. However, the Chamber is working to arrange meetings with the Trump administration and related economic organizations. A business insider said, "Although there will be no attendance at the inauguration, the Chamber is continuously making efforts to establish contacts."

The Korea International Trade Association is also preparing business trips in the first half of this year to cooperate practically with the U.S. Department of Commerce and the Office of the U.S. Trade Representative after the Trump cabinet's inauguration. A Korea International Trade Association official said, "The Washington branch has been conducting government relations work in the U.S. for decades, so attending the inauguration is not difficult if requested. However, since so many people attend the event, there are no receptions or special opportunities, so it is better to conduct substantive meetings. After the U.S. trade-related departments are set up, Chairman Yoon Jin-sik plans to visit the U.S. in February or March to meet with the Department of Commerce, the Office of the U.S. Trade Representative, and key Republican figures."

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