Many people in Korea, the established generation in particular, believe that the Korean business people, especially the conglomerates known as Jaebeol, are true patriots of Korea and the Korean people. The do a lot for the good the country. And on many occasions, they are dependable supporters of the leaders of the country and this was also shown clearly during President Moon Jae-in’s latest visit to the United States and the summit meeting with President Joe Biden.
Four major South Korean companies, Samsung and SK, announced plans to invest $39.4 billion in the United States during of President Moon Jae-in's recent visit to the United States for a summit with President Joe Biden in Washington D.C. Korean Jaebeol businesses are always dependable assets for any President of the Republic of Korea, especially boosting their image outside Korea as well as inside.
Jaebeol in Korea, according to Bloomberg, is a story of South Korea’s transformation from economic minnow to one of the world’s largest exporters which owes much to its sprawling, family-run conglomerates.
Known as Jaebeol, these long-time pillars of Korea’s “miracle economy” include Samsung, LG, Hyundai, SK, Lotte and several others.
However, their oversized influence and cozy relationship with government, highlighted by an influence-peddling scandal that cost the country’s President and Samsung’s top executive their jobs, have cast an intense spotlight on the web-like conglomerates as many have been struggling with generational transitions.
However, all the same there is no argument when it comes the immeasurable contributions they make to the country as well as to the Presidents—as was shown during Moon’s latest visit to the U.S. and meeting with President Joe Biden. Could the summit have happened without the help of the Korean jaebeol? Never, Presidents come and go, after five years. Jaebeol business groups live long—if not forever in the case of a good number of them.
The Korea Post, publisher of 3 English and 2 Korean-language news publications, starts introducing them in a substantial number of pages in each issue. Performing the important work, in the main, is In charge of this project is Deputy Editor Sung Jung-wook (responsible for the coverage of the businesses in Korea and around the world).
The companies introduced in this project are not necessary in the order of the size of turnover or the organization. Rather, Deputy Editor Sung insists that ‘up-and-coming’ business companies, instead of Jaebeol, should be given the priority in the introduction of the companies. The following information is basically based on their public relations materials:
President Moon Jae-in said, “Excellent results were attained at my summit meeting with President Joe Biden of the United States. President Moon made the remarks at his meeting with the leaders of Korea’s four business conglomerates in Seoul on June 2, 2021. President Moon expressed his gratitude to the Korea’s top Jaebeol business group chairmen for their announcement of plans to invest a total of 44 trillion won (US$38.98 billion) in the United States in areas such as semiconductors, batteries and electric vehicles, which helped bring the Moon-Biden meeting a successful conclusion.
Korea and the U.S. reached an agreement on comprehensive cooperation, including the establishment of global supply chains for high-tech items in areas such as semiconductors, batteries and EVs.
President Moon had a luncheon at the Presidential Mansion of Cheong Wa Dae in Seoul on June 2 with representatives of Korea’s four top business groups, namely Samsung, Hyundai Motor, SK and LG. In fact, it was about his first personal meeting with the chairmen of the four top business groups of Korea.
On that occasion, the four chairmen asked President Moon for a pardon for Vice Chairman Lee Jae-yong of the Samsung Electronics, Korea’s top business conglomerate.
Chairman Chung Eui-sun of Hyundai Motor said that he would create more job opportunities for the people out of work and asked government cooperation in that effort.
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