SK hynix recruits former Finance Ministry official to bolster US government relations

SK hynix has recruited Jung Yeo-jin, a former director-general for strategic economic affairs at the Ministry of Finance and Economy, as its new head of communications. Jung previously served as head of the foreign currency funds division — the unit responsible for stabilizing the foreign exchange market — and is widely regarded as an international finance specialist.

SK hynix plans to put Jung in charge of overseas government relations. The company intends to leverage her global expertise as its ties with the United States deepen, driven by its NASDAQ ADR listing and the establishment of an AI company in the country.

Jung began reporting to work at SK hynix earlier this month, according to industry sources. She submitted her resignation from government service in late June and received approval through the post-retirement employment screening process at the end of July.

Born in 1979, Jung graduated from Seoul National University with a degree in economics. Her career at the Ministry of Economy and Finance included stints as director of youth policy, director of climate and environment budget, secretary to the deputy prime minister for economic affairs, director of foreign exchange regime and director of foreign currency funds. Following a government reorganization earlier this year, she moved to the Ministry of Finance and Economy, where she served as director-general for strategic economic affairs.

Until recently, Jung worked primarily in international finance, playing a key role in stabilizing the foreign exchange market and preparing for the inclusion of South Korean government bonds in the World Government Bond Index (WGBI). She also spent four years from 2016 working as an economist at the International Monetary Fund (IMF).

At SK hynix, Jung will oversee overseas government relations. The company has been active in raising foreign currency — consistently issuing dollar-denominated bonds in US capital markets and completing its ADR listing last month — but said it focused on the global capabilities Jung built during her time at the IMF.

Jung also has experience communicating with foreign media from her time at the Finance Ministry. "Jung has a background as a spokesperson for foreign press," an industry official said. "She was recognized within the Ministry of Finance and Economy as an outstanding civil servant who demonstrated her abilities across a wide range of areas, not just international finance."

SK hynix is looking to establish the United States — its largest buyer of AI chips — as both a production base and an investment destination. The company will break ground on a semiconductor packaging fab in Indiana on Aug. 27, marking the formal start of construction. It is targeting HBM production at the facility from 2028.

SK Group Chairman Chey Tae-won also signaled in a CNBC interview released Friday that the company intends to build a memory chip front-end fab in the United States.

Investment in the AI data center ecosystem in the US is also expected to accelerate. SK hynix established an AI company in the United States in February to explore AI solution business opportunities. SK Telecom, SK Group and SK Innovation have all pledged capital contributions, lending group-wide support to the initiative.

"Even for the Indiana fab construction alone, there are multiple public hearings required to gather input from local communities," another industry official said. "SK hynix appears to be strengthening its government relations capabilities in preparation for its expanding investment in the United States."