[Exclusive] President Lee to Meet Samsung Chairman Jay Y. Lee on Regional Investment

President Lee Jae-myung is set to meet Samsung Electronics Chairman Jay Y. Lee at the presidential office this week, according to people familiar with the matter. SK Group Chairman Chey Tae-won visited the presidential office last week. The meeting is part of final discussions ahead of a June 29 session at the presidential office where major conglomerates are poised to unveil large-scale investment plans for regional areas.

The Korea Economic Daily reported on June 22 that Lee plans to meet Jay Y. Lee around June 25 at the presidential office. A senior business official said the two are expected to discuss a regional investment announcement scheduled for next week. Chey met President Lee at the presidential office on June 19, the newspaper reported.

Lee is also scheduled to host a meeting at the presidential office on June 29 to discuss a balanced regional development plan. The government is considering inviting top executives from major artificial intelligence-related companies, including Samsung Electronics and SK hynix. Samsung and SK are poised to announce investment plans for the Honam region at the meeting. Prime Minister Kim Min-seok said at a news conference marking his first year in office that local investment by large companies due to materialize soon could become a turning point for regional change.

Lee has previously used meetings with business leaders to encourage investment outside the Seoul metropolitan area. He believes corporate investment in the regions must come first to achieve his "five poles and three special zones" vision for balanced national development. Lee has repeatedly said easing the concentration of people and industry in the capital region is a core precondition for national growth. He views balanced regional development as a matter of national survival.

The presidential office and the government have prepared measures to attract new corporate investment to regional areas, including plans to create mega special zones in major provincial cities. The package includes tax incentives, regulatory changes, cheaper electricity and talent development programs. Those incentives are expected to be presented at the June 29 meeting. At a news conference on June 8 marking his first year in office, Lee said he would soon unveil large-scale investment projects that would bring about a "major shift in growth strategy."

Kang Hae-ryeong, Korea Economic Daily reporter hr.kang@hankyung.com

Kim Hyeong-gyu, Korea Economic Daily reporter khk@hankyung.com

Han Jae-young, Korea Economic Daily reporter jyhan@hankyung.com