President Lee meets Samsung's Lee Jae-yong to discuss semiconductors, US investment

President Lee Jae Myung held a private dinner Wednesday with Samsung Electronics Chairman Lee Jae-yong. Following his meeting with SK Group Chairman Chey Tae-won on Aug. 20, Lee has been holding a series of meetings with the heads of major conglomerates as the government seeks business cooperation on key issues including US investment and the Honam semiconductor cluster.

According to business and political sources, the president and the Samsung chairman met for dinner at an undisclosed location in Seoul on Wednesday.

The talks are believed to have covered the three major mega-projects, including development of the Honam semiconductor cluster, as well as Samsung's semiconductor investment plans in the United States.

Lee is also arranging a separate meeting with Hyundai Motor Group Chairman Euisun Chung in the near future. The latest round of meetings with conglomerate chiefs comes roughly a month after Lee attended an AI summit in San Francisco in July.

Senior Samsung Electronics semiconductor executives were also present at Wednesday's dinner. Given the composition of attendees, progress on the three mega-projects — including the Honam semiconductor cluster — is believed to have been a central topic.

Samsung Electronics and SK hynix have each committed to building two advanced semiconductor production facilities at a former military airfield site in Gwangju, South Jeolla Province, with the combined investment totaling 800 trillion won ($578 billion).

Senior executives from Samsung Electronics' semiconductor division visited the planned fab site near the Gwangju military airfield multiple times in July and August to conduct on-site reviews.

The meeting is also believed to have addressed how the government and the private sector should respond to US demands for semiconductor investment on American soil.

The United States, led by Commerce Secretary Howard Lutnick, has reportedly been pressing South Korea to build new semiconductor fabs on American soil — pushing for commitments beyond what the two countries had previously agreed upon.

Korea's first US investment project is also believed to have come up in the discussions. Should Lee attend the UN General Assembly scheduled for late next month, a meeting with President Donald Trump would be possible, making it likely that the broad outline of Korea's US investment plan will emerge before then.

"The government is narrowing down its options through detailed discussions with the United States on final investment decisions," a ruling party official said. "As far as I know, they are moving quickly ahead of the expected announcement next month."