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Korea Inc. pledges 270 trillion won as Lee calls for youth hiring, regional investment

Published: 04 Feb. 2026, 19:33 Updated: 04 Feb. 2026, 19:57

SARAH KIM
[email protected]

President Lee Jae Myung, center right, speaks during a meeting with the executives of 10 major conglomerates to discuss youth employment and regional investment at the Blue House in central Seoul on Feb. 4. [JOINT PRESS CORPS]

President Lee Jae Myung held a meeting with the executives of 10 major conglomerates on Wednesday to ask companies to hire more young people and invest beyond metropolitan areas, as business leaders pledged to invest at least 270 trillion won ($185 billion) in regional areas over the next five years.

Ryu Jin, chairman of the Federation of Korean Industries (FKI), told the president that total investment from businesses including those outside the top 10 could amount to some 300 trillion won. Of the 270 trillion won pledged by 10 major conglomerates, some 66 trillion won will be invested this year.

This investment plan will focus on strategic industries, including expanding semiconductor facilities, expanding battery production and research and development capabilities, an AI transition and building eco-friendly infrastructure, primarily in regions outside the metropolitan area.

The 10 business heads also announced plans during the meeting to hire some 51,600 new employees this year, up 2,500 from last year. This included 12,000 new hires by Samsung, 8,500 by SK, 3,000 by LG, 3,300 by Posco and 5,780 by Hanwha, presidential secretary for public relations Lee Kyu-yeon told reporters after the talks.

"I hope that the fruits of growth will spread evenly to small- and medium-sized enterprises from the metropolitan to local areas, and not just be limited to the older generation but also extend to the younger generation," President Lee said during the meeting at the Blue House in central Seoul, as a part of his drive to expand balance regional growth and also discuss the results of his trips to China and Japan last month.

The meeting with business leaders, the first of its kind in the new year, was attended by Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo, Lotte Chairman Shin Dong-bin and Chey Chang-won, chairman of the SK Supex Council. Executives from Hanwha, Posco, HD Hyundai, GS and Hanjin also took part, alongside Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and presidential aides related to economic policy.

President Lee expressed gratitude to the business leaders for their contribution to Korea's economic achievements, from posting record-high exports to the benchmark Kospi surpassing the 5,000-point mark for the first time.

During the meeting, Lee asked companies to align with his vision to build "five regional mega hubs and three special self-governing provinces."

Lee pointed to the scarcity of resources and high prices in the Seoul metropolitan area, including land, rent, energy and power supplies and water resources, in addition to overcrowding.

"In the long term, creating real opportunities in the regions is both the government's goal and a necessity," Lee said.

The president noted that conglomerates have "cooperated and contributed a lot to government policies" but asked them to "put in just a little more effort."

From left, LG Group Chairman Koo Kwang-mo, Ryu Jin, chief of the Federation of Korean Industries, Samsung Electronics Executive Chairman Lee Jae-yong and Lotte Chairman Shin Dong-bin take part in a presidential meeting with the leaders of 10 major conglomerates at the Blue House in central Seoul on Feb. 4. [JOINT PRESS CORPS]

"There are concerns that manufacturing jobs will decrease as AI robots spread," the FKI's Ryu said. "We need to address the youth unemployment problem by fostering service industries that have a large employment effect."

Likewise, there was discussion on follow-up measures for the implementation of memorandums of understanding (MOU) between Korean and Chinese companies at the summit between President Lee and Chinese President Xi Jinping last month.

"During our recent visit to China, thanks to the cooperation of businesspeople, there was a positive response in China, and it seems that Seoul-Beijing relations have improved significantly," Lee said.

"There is no better opportunity than summit diplomacy to open the door to economic development and to expand and deepen cooperation," Lee said. The president said he instructed Blue House aides to more systematically provide support for such diplomacy based on the needs of the private sector through both request by economic groups and individual companies.

President Lee Jae Myung, left, speaks as Hyundai Motor Group Executive Chair Euisun Chung, center, looks on during a meeting with the leaders of 10 major conglomerates at the Blue House in central Seoul on Feb. 4. [JOINT PRESS CORPS]

President Lee was accompanied by a large business delegation on his state visit to China in early January, including the heads of Korea's top conglomerates. Korean and Chinese companies held a bilateral business forum in Beijing, inking 32 MOUs in areas including manufacturing, distribution, consumer goods, content, materials and smartphones. Lee also visited Japan for a summit with Japanese Prime Minister Sanae Takaichi in Japan's Nara.

"Diplomatic relations seem to be particularly crucial for the Korean economy, which relies heavily on exports," Lee said, stressing the importance of handling security and defense issues as well.

The remarks come amid ongoing tariff talks with the United States, as U.S. President Donald Trump last week announced he will be raising tariffs on Korea back to 25 percent from 15 percent amid delays in Seoul's legislative process to approve the bilateral trade deal.

However, the tariff issue was not directly discussed during this meeting, Lee Kyu-youn, presidential secretary for public relations, said in a press briefing later Wednesday.

President Lee Jae Myung, left, shakes hands with by Samsung Electronics Executive Chairman Lee Jae-yong during a meeting with the leaders of 10 major conglomerates at the Blue House in central Seoul on Feb. 4. [JOINT PRESS CORPS]

During the meeting, the business leaders pledged to recruit new employees, rather than those with experience, for some 66 percent of their new hires, presidential secretary Kim said.

The president, in turn, expressed his "appreciation" for their efforts to create jobs for youths.

Lee also remarked during the meeting that "Samsung Electronics' sales performance has improved significantly, giving us the capacity to hire more people this year," presidential secretary Lee said. Earlier Wednesday, the market capitalization of Samsung Electronics surpassed 1 quadrillion won for the first time.

During the business meeting, President Lee greeted Samsung Chairman Lee and remarked, "I heard you canceled your overseas trip to come here?"

The Samsung chief replied, "Of course."

BY SARAH KIM [[email protected]]