
President Lee Jae Myung met Hyundai Motor Group Executive Chair Euisun Chung in a closed-door meeting on Wednesday, with sources indicating discussions centered on Hyundai's 9 trillion won investment pledge for an AI, robotics, and energy hub in Saemangeum by 2029, and its role in the government's semiconductor and AI data center megaproject initiative.
AI-generated summary
President Lee Jae Myung has previously met with Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won, suggesting a pattern of engagement with major business leaders on investment and economic policy.
President Lee Jae Myung has met Hyundai Motor Group Executive Chair Euisun Chung in a closed-door meeting, sources said Thursday, with the two likely discussing investment matters.
The meeting on Wednesday was presumed to have focused on Hyundai's prior pledge to invest 9 trillion won (US$6.6 billion) to establish an industrial hub for artificial intelligence, robots and energy in the Saemangeum reclaimed area on South Korea's southwestern coast by 2029.
The meeting likely also included discussions on Hyundai's contributions to the government's high-profile "megaproject" investment initiative, aimed at nurturing a new semiconductor cluster and facilities for AI data centers.
Lee has previously met with Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won, likely in the same vein. (Yonhap)
AI outlook โ possibilities, not facts
Hyundai Motor Group will proceed with its 9 trillion won investment in the Saemangeum industrial hub for AI, robotics, and energy by 2029.
Likely ยท Within years

South Korea recorded a $42 billion current account surplus in July, driven by a 65.3% year-on-year export surge to $100.4 billion amid the global AI boom, marking the 39th consecutive month of surplus and the second-highest monthly figure ever.

The average price of diesel in the United States hit an all-time high of $5.820 per gallon due to the worsening global supply shortage caused by the war with Iran. This is a level that exceeds the previous highest price ($5.819) in June 2022, and the upward pressure on prices is expected to increase further due to increased seasonal demand and the ban on exports to Russia.

South Korea's Industry Minister Kim Jung-kwan stated that Seoul and Washington are continuing negotiations on U.S. semiconductor tariffs, emphasizing that South Korea will not be disadvantaged compared to competitors, citing a joint fact sheet from November that pledges 'no less favorable' tariff terms for Korean chips.

A delegation from Indonesia's drug regulator BPOM visited Daewoong Pharmaceutical's Magok Research Center in Seoul to discuss cooperation on drug development, regulatory affairs, and clinical trials in Indonesia, as part of Daewoong's long-term strategy to expand its biopharmaceutical presence in the country.

Despite the current account surplus and record high semiconductor exports in the first half of this year, the KOSPI was adjusted by nearly 30% as foreign investors sold stocks in large quantities. This is analyzed to be the result of a combination of short-term profit taking, won/dollar exchange rate volatility, US interest rate reversal, concerns about the peak of the semiconductor cycle, and the abnormal structure of the Korean capital market and insufficient shareholder returns.

U.S. Vice President JD Vance warned against depending on 'brittle' and 'adversarial' countries for supply chains, stating that companies investing in U.S. manufacturing will be rewarded by the government, while those shifting jobs overseas will not. He linked industrial security to national security during the launch of the Foundry School in Washington, part of the 'Pax Silica' initiative with U.S. allies including South Korea and Japan.