Then-U.S. President Donald Trump talks with Korean business leaders at Grand Hyatt Seoul in this June 2019 photo. Yonhap

Both hopeful and doubtful outlooks coexist regarding the participation of Korean businesspeople in U.S. President-elect Donald Trump's inauguration on Monday.

Given his lifelong career as a real estate tycoon, the incoming U.S. president is expected to engage in transactions with corporate leaders from Korea, aiming to benefit both his second administration and the Korean business community.

Shinsegae Group Chairman Chung Yong-jin, for example, made headlines, after it was revealed that he has been invited to the presidential inaugural ball to be held throughout the evening of the inauguration day. Last month, Chung met with Trump in person at the Mar-a-Lago resort in Florida at the invitation of the president-elect's oldest son, Donald Trump Jr.

The grandson of the late Samsung founder Lee Byung-chul has regained significant public attention since 2022, when he posted anti-communist content on social media. At the same time, expectations are rising that Shinsegae may increase its investments in the U.S. retail industry under a second Trump administration.

“I expect that Trump Jr. will introduce me to key officials,” Chung told reporters at John F. Kennedy International Airport in New York, Friday (local time). “I will do my best as a businessman.”

SPC Group has already announced plans to make additional investments in the United States, following a press release about Chairman Hur Young-in's participation in the inauguration. The food firm, which owns the Paris Baguette bakery chain, highlighted its commitment to expanding its presence in the U.S. Hur is one of the businesspeople who met Trump in 2019, when he visited Korea for a summit with then-President Moon Jae-in.

“After the ceremony, the chairman will meet U.S. lawmakers interested in the Korean economy and strengthen his personal networks with them,” SPC said. “Under the second presidency of Trump, we will carry out various investment activities in the U.S.”

Bom Kim, the Korean-American founder of Coupang, will also reportedly attend the inauguration, along with senior executives of the Seattle-headquartered e-commerce firm, which is listed on the New York Stock Exchange. Alex Wong, former head of the company's public affairs, was named Trump's principal deputy national security adviser.

However, the absence of Korea's leading conglomerates from the inauguration has raised skepticism that attendance at the event alone may not lead to meaningful outcomes. Due to forecasts of severe cold weather, Trump's inauguration was moved indoors for the first time in 40 years, forcing most participants to watch the ceremony on screens.

Park Ju-gun, founder of the corporate tracker Leader Index, pointed out that the investment sizes from Shinsegae and SPC are unlikely to be significant enough to meet Trump's expectations.

When SM Group Chairman Woo Oh-hyun, Shin Young Chairman Kang Ho-gap and General Equity Partners CEO Kweon Ji-hoon were invited to Trump's first presidential inauguration in 2017, they also failed to draw public attention after the event. Woo will attend the upcoming ceremony as well, along with the heads of several smaller Korean firms.

“Invitations of most Korean businesspeople to the inauguration were made upon their individual relationships (with American friends),” Park said. “Except for Federation of Korean Industries (FKI) Chairman Ryu Jin, the participants are not expected to play major roles for Korea's policymakers and business communities.”

Federation of Korean Industries (FKI) Chairman Ryu Jin delivers opening remarks during the 35th meeting between the Korea-U.S. Business Council and the U.S.-Korea Business Council in Washington, Dec. 10 (local time). Courtesy of FKI

Ryu, who also leads Poongsan, a copper products and ammunition manufacturer, has been invited to the inauguration in the capacity of the Korea-U.S. Business Council's chair. He is known for his friendship with the family of former U.S. President George H. W. Bush.

Although Poongsan has U.S. operations, he seems to focus more on representing the broader Korean business community. This is part of his efforts to restore the stature of the Federation of Korean Industries (FKI), which has weakened since the 2016 corruption scandal involving the federation and the impeached former President Park Geun-hye.

In return, he may try to make the American business community's voice heard in Korea, considering the U.S. Chamber of Commerce's protest against Seoul's move to regulate online platforms. The U.S.-Korea Business Council is under the supervision of the chamber.

“Although I will not meet the president-elect, I will talk with the officials of his second administration,” Ryu told reporters on Jan. 9, confirming that he will depart for the U.S. on Jan. 18.

He also dismissed concerns about Trump's tariffs, suggesting that worries over inflation will prompt the business-minded president-elect to reconsider his trade policies.

“I believe that Trump will do better than before,” Ryu added.

Lotte Group Chairman Shin Dong-bin, second from right, talks with then-U.S. President Donald Trump at the White House in Washington in this May 2019 photo. Courtesy of Lotte Group

Other efforts

Korea's four largest conglomerates are expected to talk with the Trump administration behind the scenes, amid the absence of their chairmen from the inauguration.

Hyundai Motor Group, which donated $1 million to the ceremony and started considering building a steel mill in the southern region of the U.S., denied that Executive Chair Chung Euisun would participate in the event. The heads of Samsung, SK, and LG were also not invited.

Given that Lotte's large-scale investments in a Louisiana plant led to Trump inviting Chairman Shin Dong-bin to the White House in 2019, there is a possibility that Korean tycoons could have separate meetings with the new president in the future by making investments in the U.S.

“With their lobbyists and offices in Washington, the top four business groups have continued negotiations under the table to brace for the universal tariff plan,” Park said.

The heirs to Hanwha and HD Hyundai, both of whom will be absent from the inauguration, are likely to leverage their fathers' friendships with Trump's aides to ensure their companies benefit from the president-elect's plan to rebuild the U.S. Navy.

Hanwha Group Chairman Kim Seung-youn, father of Vice Chairman Kim Dong-kwan, was invited to Trump's previous inauguration, although he was unable to attend due to health reasons.

Asan Foundation Chairman Chung Mong-joon, father of HD Hyundai Executive Vice Chairman Chung Ki-sun, advised lawmakers of the then-ruling Saenuri Party in 2016, when the now-disbanded party was preparing to send a delegation to the U.S. to meet Trump's transition team.