Anchor: Conglomerates have vowed to make massive investments in the South Korean economy following the release of the details of the bilateral trade and security agreement Seoul recently reached with Washington. Amid concerns that the deal could affect domestic investment, President Lee Jae Myung asked business leaders in a Sunday meeting to continue funneling money into their home turf.
Choi You Sun reports.

Report: President Lee Jae Myung met with heads of South Korea's conglomerates on Sunday to discuss follow-up measures to the Seoul-Washington trade agreement.

Lee thanked the business leaders for their dedication and efforts in sealing the deal, stressing that the combined government-business response is unprecedented.

Last week, South Korea and the U.S. signed a memorandum of understanding regarding Seoul's pledge to invest 350 billion U.S. dollars, including 150 billion dollars in direct corporate investment, in return for a lower tariff rate.

The president emphasized that businesses are at the core of the nation's economic activity and called on them to expand investments at home, pledging deregulatory measures and other state support.

Samsung Electronics Chairman Lee Jae-yong sought to ease concerns about reduced domestic investment in the wake of the deal with the U.S., promising to expand investment, create high-quality jobs and coexist with small businesses and startups.

The Samsung chief promised to hire 60-thousand people annually and to invest a total of 450 trillion won, or around 308 billion U.S. dollars, over the next five years.

SK Group Chairman Chey Tae-won said he intends to inject approximately 600 trillion won into a semiconductor cluster in Yongin, Gyeonggi Province, and that his firm is on track to create 14-thousand to 20-thousand jobs per year.

Hyundai Motor Group Executive Chair Chung Eui-sun said he plans to push for investments totaling 125 trillion won by 2030 and to increase hiring to ten-thousand in 2026 from seven-thousand-200 this year.
Choi You Sun, KBS World Radio News.