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The Korea Herald

KCCI chief says US investment hinges on incentives

  • By 학술원
  • |
  • Nov 18,2025, 4:02 PM SGT
Korea Chamber of Commerce and Industry Chairman Chey Tae-won, who doubles as SK Group chief, said he will consider additional investments in the US depending on available incentives under the Donald Trump administration.

Speaking to reporters on the sidelines of a forum hosted by the Chey Institute for Advanced Studies, a think tank affiliated with SK Group, in Washington on Friday, Chey said he would continue to evaluate US investment prospects when asked about his conglomerate’s investment plans.

“The Trump administration wants more manufacturing facilities in the US, but we would need incentives,” Chey told reporters. “(The US) says it will lower taxes, but nothing specific has been announced yet. We have to wait and see and then make plans, but no clear information is available yet.”

When asked if he was referring to tax cuts and policy support, Chey said incentives could take various forms.

“It’s not always just about money, but there could be various forms (of incentives),” he said. “What’s important is that both Korea and the US work together and create mutual benefits.”

On concerns that high labor costs in the US could make the country a less attractive destination for investment, Chey said it depends on the industry.

“Discussions have yet to reach that level,” said Chey. “The situation differs by industry. The US has its disadvantages, but it also has its advantages.”

He added that for fields like AI, investing in the US can be much more advantageous than other regions.

Chey’s remarks come as Korean companies, including SK Group, have invested approximately $160 billion in the US over the past eight years, spanning the Trump and Biden administrations.

However, there have been growing concerns over major policy shifts under the second Trump administration, particularly in regard to key Biden-era policies such as the CHIPS and Science Act and the Inflation Reduction Act. Reports suggest that these policies, which have incentivized Korean companies to invest and expand manufacturing facilities in the US, could be targeted for renegotiation.

“It’s not something I can directly discuss, but one US government official told me they believe the subsidies will be implemented as planned, as the US made those commitments because it benefits them,” said Chey.

Chey was in the US last week, leading a 26-member business delegation to the country, where he met with key officials from the White House, the Treasury Department and the Commerce Department.

On Friday, the group, consisting of executives from major conglomerates, met with the newly confirmed US Secretary of Commerce Howard Lutnick.

During the meeting, Lutnik explained the Trump administration's plan to provide various types of support for companies investing in the US, including expedited approvals and permits for companies investing one billion dollars or more, according to sources.


sahn@heraldcorp.com

https://www.koreaherald.com/article/10427293

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Session 1

1. Security Challenges and the Future of U.S. Alliances in East Asia

Contingencies involving Taiwan, the South China Sea, and North Korea are of paramount importance due to their potential to disrupt regional and global stability. Taiwan represents a critical flashpoint in US-China relations, with implications for trade, global supply chains, security alliances, and the balance of power in the Indo-Pacific. The situation in the South China Sea is urgent, with near-constant PRC pressure on the Philippines in support of illegitimate maritime claims. Similarly, North Korea's unrelenting nuclear ambitions and unpredictable behavior pose significant threats to peace on the Korean Peninsula and beyond. Deterring aggression will require careful strategic planning, robust deterrence, and cooperation between the U.S., Korea, and Japan, as well as other partners.

Participant Biographies

Gary SAMORE

Professor, Brandeis University

Gary SAMORE is the Director of the Crown Center for Middle East Studies and Professor of the Practice of Politics in the Department of Politics at Brandeis University. He is also a senior fellow with the Project on Managing the Atom at the Belfer Center for Science and International Affairs at the Kennedy School of Government at Harvard University. Samore previously served as President Obama’s White House Coordinator for Arms Control and Weapons of Mass Destruction. He was a National Science Foundation Fellow at Harvard University, where he received his MA and Ph.D. in government in 1984.