Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry and SK Group, stated that if there are incentives after the inauguration of Donald Trump's second administration, he could consider additional investments in the United States. He also emphasized the importance of pursuing large projects in fields where South Korea and the U.S. can create synergy, such as artificial intelligence (AI).
On the 21st (local time), chairman Chey spoke at the '2025 Trans-Pacific Dialogue' event hosted by the Chey Institute in a hotel in Washington, D.C., regarding the investment plans in the U.S., stating, 'We are continuing to review this,' and added, 'It is natural to make necessary investments in business.'
Chairman Chey continued, 'No corporation thinks, 'I will invest this much during the Trump era,' and they consider how beneficial or harmful this is to my business,' and noted, 'The Trump administration says it wants more production facilities in the U.S., but we need incentives to accompany that.' He added, 'There is still nothing concrete that has come out, so we need to watch a little longer.'
Regarding a reporter's question about whether the U.S. incentives imply progressive changes such as tax cuts, chairman Chey said, 'It cannot be just about money. There could be various other types of incentives,' and stated, 'It is necessary for South Korea and the U.S. to work together to achieve mutual benefits.' He went on to say, '(The South Korean economy) is facing the problem of not being able to survive solely on exporting goods,' and added, 'To ride the current trend effectively, we need to create big projects that gain synergy together.'
Chairman Chey also addressed concerns that the U.S. may not be an attractive investment destination due to high labor costs, stating, 'We have not talked about reaching that level at all. The situation varies by industry.' He added, 'While the U.S. has some disadvantages, there are also advantages. Frankly, investing in areas like artificial intelligence (AI) could be much better in the U.S. compared to investing elsewhere. Relatively, wouldn't we also invest in favorable and good places?'
Chairman Chey emphasized the cooperation among South Korea, the U.S., and Japan in the fields of AI and energy at the '2025 Trans-Pacific Dialogue' event hosted by the Chey Institute. He asserted, 'Cooperation among South Korea, the U.S., and Japan in the fields of AI and energy, which are at the core of today's global changes, is not an option but a necessity,' and proposed industrial solidarity among the three countries. He particularly mentioned that if the three countries unite in areas such as manufacturing AI, energy, shipbuilding, nuclear power, etc., they could create strong synergies in the global market.
South Korean corporations invested $160 billion (approximately 230 trillion won) in the U.S. over eight years from the start of Trump's first administration to the previous Biden administration. However, the Trump administration's second term has shown signs of attempting to abolish the subsidies promised under the Inflation Reduction Act (IRA) and Semiconductor Act by the previous Biden administration.
In this regard, chairman Chey remarked, 'I shouldn't be the one to say this, but one of the political figures I met during this visit to the U.S. said, 'That will continue to be implemented well. I believe that, and we have those policies. It's good for the U.S. to make promises, so why wouldn't it do that?'' He added that this means the U.S. is considering practicality. 'It won't just be about 'giving or not giving' without consideration.'
Chairman Chey also stated, 'I expect the Trump administration will review it again, and results should be forthcoming. The new administration is now being formed, and it is said that something will be announced by around April, so let's wait a bit.'
As chairman of the Korea Chamber of Commerce and Industry, chairman Chey led a 'U.S. Trade Outreach Delegation' consisting of 26 members during his visit to the U.S., meeting with senior officials from the White House, the Department of the Treasury, key members of Congress, and governors from the 19th to 20th.
Regarding the achievements of the private economic delegation's visit to the U.S., chairman Chey said, 'The plan was to talk about things they would find interesting, and in that respect, there were results,' and added, 'We have prepared discussions that could be mutually beneficial, and I feel that they like all six areas quite a bit.' The six areas prepared by KORCHAM include shipbuilding, energy, nuclear power, AI and semiconductors, mobility, and materials, parts, and equipment.
Regarding President Trump's announcement of mutual tariffs against virtually the entire world, chairman Chey stated, 'I don't think it's something I should negotiate on, so I informed the U.S. side that the South Korean government will talk about it.'