[Photo provided by Yonhap News]

U.S. President Donald Trump invited more investment from South Korean business conglomerates as he squeezed pep talks with business leaders into his tight Sunday stay in South Korea, mostly devoted to a trip to the border village for a meeting with North Korean leader Kim Jong-un.

“There’s never been a better time to invest or do business and create jobs in America,” Trump said during a meeting with Korean business leaders at the Grand Hyatt Hotel in central Seoul on Sunday.

The event was attended by the business chiefs of some of South Korea’s largest conglomerates, including Samsung Electronics Vice Chairman Jay Y. Lee, Hyundai Motor Group Executive Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae-won and CJ Group Chairman Sohn Kyung-shik.

(From left) Samsung Electronics Jay. Y. Lee, Hyundai Motor Group Executive Vice Chairman Chung Eui-sun and SK Group Chairman Chey Tae-won.

Trump expressed gratitude to the business leaders of Samsung, Hyundai, CJ, SK and Doosan for their “large investments” in the U.S. that created more than “50,000 brand new jobs.”

He also praised Lotte Group Chairman Shin Dong-bin for the recent $3.1 billion ethylene plant in Louisiana, and Korean Air`s decision to purchase 30 jets from Boeing, a deal valued at more than $9 billion.

After the meeting, CJ Group vowed to spend $1 billion to expand its food and retail business in the U.S. Lotte Group said it was also considering additional investment in the country. SPC Group revealed plans to open 2,000 Paris Baguette bakeries in the U.S., a plan that would create about 60,000 jobs locally.

"South Korea has made great progress in reducing our trade imbalance and unleashing new prosperity for both of our countries," Trump said, but added, "We must remain vigilant and ensure that we keep moving forward to a more balanced trade relationship and further reduce the trade deficit."

At America’s request, the two countries started negotiations last year to revise their bilateral trade pact, known as the KORUS FTA, which entered into force in 2012. Under the new deal, Washington extended the period of its tariffs on Korean pickup trucks while Seoul eased barriers for American vehicles’ safety standards.

The 30-minute meeting consisted almost entirely of Trump’s speech, with no time allotted for talks with the business leaders.

Trump, a real estate mogul before becoming president, said he was particularly impressed with the Samsung headquarters building and Lotte World Tower, Korea’s tallest skyscraper.

[Photo provided by Yonhap News]

Trump did not make any remarks regarding the anti-Huawei campaign at the event, as the U.S. and China reached a tentative truce in their trade war at the Group of 20 summit in Japan.

According to Korea’s Ministry of Trade, Industry and Energy, trade between South Korea and the United States grew 10.3 percent last year to reach an all-time high of $131.6 billion. Despite the expanded trade, Korea`s trade surplus with the U.S. came to $13.8 billion in 2018, down 23 percent on year. The United States is Korea’s second-largest trading partner, accounting for 11.5 percent of its total trade.

By Han Ye-kyung and Kim Hyo-jin

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]