Seoul: CJ Group, a South Korean food-to-entertainment conglomerate, announced that its chairman will join other business leaders accompanying President Lee Jae Myung for a summit with U.S. President Donald Trump next week. Chairman Lee Jae-hyun will be part of the Korean economic delegation for the meeting scheduled for Aug. 25 in Washington, as confirmed by a company spokesperson.
According to Yonhap News Agency, Chairman Lee's participation is likely connected to CJ Group's expanding operations in the United States. The conglomerate has been involved in various sectors such as food, entertainment, and logistics within the U.S. market. Notably, CJ Cheiljedang acquired a 70 percent stake in frozen food processor Schwan's Co. in 2019, bolstering its presence in the U.S. food industry. Additionally, CJ ENM purchased an 80 percent stake in U.S. content company Fifth Season in 2021, while CJ Logistics Corp. acquired a 90 percent stake in Illinois-based DSC Logistics in 2018.
The delegation traveling with President Lee also includes prominent figures such as Samsung Electronics Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo, and SK Group Chairman Chey Tae-won. Executives from key industries like semiconductors, shipbuilding, automobiles, defense, biotechnology, and energy are also part of the group.
The forthcoming Lee-Trump summit is set against the backdrop of a recent trade agreement between Seoul and Washington. This agreement resulted in a reduction of U.S. reciprocal tariffs from 25 percent to 15 percent, in exchange for South Korea's commitment to invest US$350 billion and purchase $100 billion in U.S. energy. Out of the pledged investment, $150 billion will be allocated to Seoul's shipbuilding cooperation initiative, known as "Make American Shipbuilding Great Again" (MASGA).