Seoul, Feb 24 A visiting South Korean business delegation said on Monday that the meeting with newly appointed U.S. Secretary of Commerce Howard Lutnick was "productive," following reports that discussions included proposals for $1 billion in investments from each company in exchange for "fast-track" regulatory benefits.
The delegation, comprising 20 South Korean CEOs and led by SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, met with Lutnick in Washington during a visit aimed at strengthening dialogue with the second Donald Trump administration, reports Yonhap news agency.
Reports later emerged that Lutnick had requested investment commitments from South Korean firms during the 30-minute meeting, apparently in line with Trump's plan to encourage investments from allied trading partners through a new fast-track process designed to expedite project approvals.
"Secretary Lutnick did not explicitly demand investments of over $1 billion but rather conveyed that companies investing more than $1 billion could receive various forms of support from the U.S. government," one delegation participant said on condition of anonymity.
Another participant, who also requested anonymity, stated that Lutnick provided a clear and structured explanation of the latest U.S. trade policies.
"It was a productive session that helped us better understand U.S. trade policy," he said.
Market watchers noted that the meeting could add further complexity to South Korean companies' investment strategies, as firms navigate potential tariff hikes and a reassessment of semiconductor subsidies under Trump's second term.
Given heightening uncertainties surrounding global trade policies, companies are expected to assess various scenarios before making final investment decisions.
South Korean firms, including SK Group, have hinted at increasing their investments in the United States, as heightened trade tensions and protectionist policies under Trump could pose challenges for their operations.
Earlier, Chey said SK Group could consider additional investments in the U.S., provided there are sufficient incentives under the new administration.
The meeting was finalised at the last minute due to the secretary's confirmation process, which included a Senate approval vote and inauguration proceedings. The meeting took place just three hours before Lutnick's swearing-in ceremony.
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