Lee Holds Private Dinner With Samsung Chairman Jay Y. Lee, Discusses Chip Fabs and US Investment
Summary
- President Lee Jae Myung held a private dinner with Samsung Electronics Chairman Jay Y. Lee and is understood to have discussed major economic issues including the three mega-projects and investment in the US.
- Possible government support measures for large-scale investment may also have been discussed, including semiconductor fab construction in Yongin, Gyeonggi Province, and Gwangju, South Jeolla Province, infrastructure expansion, easing licensing and permitting rules, and labor-related regulations.
- As the US steps up pressure on South Korean companies to expand investment in the US, business circles say removing bottlenecks to large private-sector investment, including Samsung Electronics’ existing US investments and future plans, will determine the success of the three mega-projects.
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Views also exchanged on expanding investment in the US
President Lee Jae Myung held a private dinner with Samsung Electronics Chairman Jay Y. Lee on Aug. 26, according to political sources. The meeting followed Lee’s Aug. 20 dinner with SK Group Chairman Chey Tae-won, extending a series of talks with business leaders.
The outreach appears aimed at hearing corporate views on domestic and global economic issues, including the government’s three mega-projects and investment in the US.
Lee and the Samsung chief dined at an undisclosed location in Seoul on Aug. 26, the sources said. The two were expected to review issues tied to the three mega-projects, including semiconductor fab construction in Yongin, Gyeonggi Province, and Gwangju, South Jeolla Province.
Lee has emphasized the need to execute large investments quickly. The dinner may also have covered corporate concerns over infrastructure expansion, licensing and permitting rules, and possible government support measures.
Labor regulations are another major issue. In discussions over a special law on mega-special zones, key sticking points have included whether to exempt research and development personnel from South Korea’s 52-hour workweek cap and how narrowly labor disputes should be defined under the trade union law.
With both issues drawing strong opposition from labor groups, the government and Samsung may also have exchanged views on them.
The talks also appear to have touched on investment in the US, where last-minute negotiations are under way. As the Donald Trump administration increases pressure on South Korean companies to expand US investment, the two were expected to discuss Samsung Electronics’ existing US investments and future plans.
Since taking office, Lee has met with the heads of major business groups to discuss economic issues. The latest round of meetings appears intended to gather corporate input on industrial policy, investment, employment and regulation and reflect it in policy.
Business circles say how quickly the government removes bottlenecks to large private-sector investment will determine the success of the three mega-projects.
Kim Hyoung-kyu / Han Jae-young, Hankyung.com reporters khk@hankyung.com
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