"'Busy Busy' Business Leaders Are Focusing All Efforts on Securing Future Growth Opportunities"
As Korea's economy is expected to face a "perfect storm" (a complex crisis) this year, business leaders are accelerating efforts to secure future growth opportunities. The increasing uncertainty in the business environment, such as the inauguration of Donald Trump's second term in the U.S. and a prolonged gap in diplomatic and trade leadership, is prompting them to mobilize private sector capabilities to ensure stable growth in core businesses and secure leadership in global markets. According to the business community on the 18th, Hyundai Motor Group Chairman Chung Eui-sun recently traveled to the U.S. Despite the global economic downturn, the U.S. remains the most strategic region for Hyundai Motor Group, which achieved impressive results. Hyundai and Kia sold over 1.7 million vehicles in the U.S. market, accounting for more than 25% of global sales, marking their highest performance. Chairman Chung, who has elevated Hyundai's technological prowess over the past 20 years, began his trip with on-site management at the 'Mohave Test Track' and later had a golf meeting with Donald Trump Jr., who is considered a key figure in the U.S. This is seen as a move to respond to President Trump's announcement on April 2 regarding reciprocal tariffs and automobile taxes. There are predictions that if the U.S. imposes a 10% tariff on automobiles, Hyundai Motor Group's profit could decline by over 4 trillion KRW. The industry is closely watching whether Chairman Chung can foster a closer relationship with the Trump administration and continue to achieve positive outcomes. SK Group Chairman and the Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won is scheduled to visit the U.S. to attend the Trans-Pacific Dialogue (TPD) in Washington, D.C. on February 21-22. This will be his first visit to the U.S. since the inauguration of President Donald Trump, and according to the disclosed schedule, he will be the first of the top four chaebols' leaders to visit Washington, D.C. The TPD is an event hosted by the CJ Chey Foundation, which Chairman Chey leads, and has been held since 2021. While the event is usually held in December, this year's timing was adjusted to February due to U.S. and Japan political schedules. Given that the event has previously seen prominent opinion leaders from Korea, the U.S., and Japan, influential figures from politics and business are expected to attend this year's event as well. Within the business community, there are expectations that Chairman Chey will present new collaboration strategies with the U.S. and Japan, which he has previously discussed. Discussions are also anticipated on various sectors that are becoming key pillars of the global economy in the AI era, such as semiconductors, infrastructure, and energy industries. Recently, Samsung Electronics Chairman Lee Jae-yong, who has resolved his legal risks, is highly likely to visit the Middle East for his first overseas business trip. Industry insiders expect him to visit Abu Dhabi, UAE, this month. The UAE is not only the first destination Lee visited after becoming chairman in October 2022 but also the place he visited the day after being acquitted in his first trial. During his visit, Lee is expected to focus on cooperation in next-generation communication networks like 6G, IT new businesses, and semiconductor-related collaborations. Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-yeon, is focusing on expanding the group's competitiveness in the defense sector, which is one of its core areas. Kim Dong-kwan, who recently visited the UAE, met with Faisal Al Bannai, CEO of EDGE Group, on the 17th to discuss ways to build strategic partnerships in the defense industry, as well as in space, shipbuilding, and maritime sectors. Additionally, Kim explored opportunities for collaboration in unmanned air defense systems, space and satellite industries, and potential cooperation between Hanwha Ocean and EDGE Shipyard in the shipbuilding and maritime sectors. Hanwha and EDGE plan to continue discussions to establish concrete collaboration strategies and expand their strategic cooperation in the defense and related industries. An industry insider commented, "Given the challenging current situation in our country, companies are proactively preparing countermeasures to respond to the tariff bomb from the Trump administration. However, there are limits to what businesses can solve on their own, so there is also hope for diplomatic support from the government." ChatGPT를 사용하여 번역한 기사입니다.
