U.S. Commerce Secretary Rutnik Embraces Kim Jung-kwan; Samsung's Lee Jae-yong and Other Korean Business Leaders Gather

U.S. and Korean Economic Powerhouses Converge in Gyeongju…Secretary Rutnik Embraces Minister Kim Jung-kwan

Gyeongju emerged as a hub for U.S.-Korea economic cooperation on October 29, 2025. U.S. Commerce Secretary Howard Rutnik hosted a business roundtable at the Gyeongju Arts Center in North Gyeongsang Province, inviting government officials and key business figures from both countries, strengthening the economic ties between the two nations. Notably, the heads of South Korea's five largest conglomerates were all present, including Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, and Lotte Group Chairman Shin Dong-bin, demonstrating the high level of interest from the business community. Furthermore, next-generation leaders such as Hanwha Vice Chairman Kim Dong-kwan, HD Hyundai Chairman Chung Ki-sun, Korea Zinc Chairman Choi Yoon-Bum, and Doosan Enerbility Chairman Park Ji-won also attended, offering a glimpse into future-oriented collaboration possibilities.

Secretary Rutnik warmly greeted Minister Kim Jung-kwan of the Ministry of Trade, Industry and Energy at the event. Minister Kim personally welcomed Secretary Rutnik upon arrival, greeting him with a warm embrace and saying, "Nice to see you." This is interpreted as a symbolic gesture demonstrating the friendly relations between the two countries. The roundtable is reported to be focused on enabling companies from both countries to explore practical cooperation measures and identify new business opportunities, going beyond a mere formality. In particular, strengthening cooperation in future growth engine sectors such as semiconductors, artificial intelligence, and eco-friendly energy is expected to be a major topic of discussion.

The U.S.-Korea Business Roundtable was further strengthened by the large-scale participation of top executives from major U.S. companies, including Matt Garman, CEO of Amazon Web Services (AWS). They expressed their intention to expand their presence in the Asian market and secure new growth engines through cooperation with major Korean companies. In particular, Amazon Web Services (AWS) is reportedly planning to expand its investment in the South Korean cloud market and actively support the digital transformation of domestic companies. Furthermore, the roundtable is also expected to provide an opportunity to address concerns of South Korean companies regarding the U.S. Inflation Reduction Act (IRA) and seek avenues for cooperation between the two countries.

Meanwhile, a summit meeting was held that afternoon between Lee Jae-myung of South Korea and Donald Trump of the United States. The two leaders began their meeting, which included an expanded luncheon, at 2:39 PM, engaging in in-depth discussions on issues such as security on the Korean Peninsula, economic cooperation, and global issues. In particular, Trump complimented Lee Jae-myung as "excellent," flaunting a strong relationship. In response, Lee Jae-myung told Trump that he was "doing a good job as a peacemaker," requesting his support for the Korean Peninsula peace process. Trump entered South Korea to attend APEC, and showed deep interest in Korean culture, including receiving a gold crown model as a gift at the APEC event held in Gyeongju. This summit is considered an important opportunity to further strengthen the U.S.-Korea alliance and further develop cooperative relations between the two countries.