"We Barely Stopped President Lee from Making a Full Bow to Lee Jae-yong and Chey Tae-won"

National Report Meeting on Mega Projects
Behind the 90-Degree Bow to Lee Jae-yong and Chey Tae-won
President Lee Publicly Thanks Samsung and SK for Their Investment Decisions
"Clear Proof That Companies Can Act for the Nation's Future"

The scene of President Lee Jae-myung deeply bowing at a 90-degree angle to Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won at the "Republic of Korea Grand Leap: Three Major Mega Projects National Report Meeting" on the 29th remained one of the most symbolic moments of the event. Immediately following the announcement of large-scale investments spanning semiconductors, AI data centers, and physical AI, President Lee repeatedly expressed his gratitude to the two business leaders, saying, "I would like to call you national heroes and heroes of the people."

President Lee Jae-myung is greeting Samsung Electronics Chairman Lee Jae-yong after presenting the company's investment plan at the National Report Meeting on the Three Major Mega Projects held at the Blue House on the 29th. On the left is SK Group Chairman Chey Tae-won. June 29, 2026 Yonhap News Agency

President Lee Jae-myung is greeting SK Group Chairman Chey Tae-won after presenting the company's investment plan at the National Report on the Three Major Megaprojects held at the Blue House on the 29th. On the right is Samsung Electronics Chairman Lee Jae-yong. June 29, 2026. Photo by Yonhap News Agency

Kang Hoon-sik, policy chief at the Presidential Office, shared some behind-the-scenes details about this moment during a press briefing at Chunchugwan after the event. Kang explained, "The president was deeply moved for the first time in a long while," adding, "He said he wanted to perform a deep traditional bow today, and he was so grateful to the business leaders that he was ready to do so, but his aides barely managed to dissuade him." Kang continued, "We told the president, 'People might criticize those who bow so deeply,' and the president's 90-degree bow earlier was a sincere expression of gratitude."

President Lee joined Chairman Lee Jae-yong and Chairman Chey Tae-won on stage after their investment plan presentations, and they joined hands. President Lee remarked, "I would like to call both of you national heroes or heroes of the people."

President Lee went on to say, "You could have chosen better conditions and moved overseas, but our companies made this nationally difficult decision and choice for the future of the Korean people and the Republic of Korea. On behalf of the people, I want to thank you," he said, bowing at a 90-degree angle to express his gratitude. Both chairmen also bowed in return, with Chairman Lee Jae-yong saying, "We will do our best."

The president also said, "This is truly a moving moment. While companies operate for profit, you have definitively proven that they can also act for the future of the national community." He then added, "To signify our intent to execute this plan seamlessly and without fail, let us join hands," and held the two chairmen's hands for a commemorative photo, accompanied by the slogan, "Fighting for the Future of the Republic of Korea."

The report meeting was attended by more than 30 key business leaders and experts in the three major mega project sectors, including the Minister of Economy and Finance and representatives from Samsung Electronics, SK, LG Electronics, Furiosa, Robotis, HD Hyundai Robotics, GS, KT, Korea Electric Power Corporation, and Korea Water Resources Corporation. Samsung Electronics announced a 265.5 billion won investment in mega projects such as semiconductors and AI. Chairman Lee Jae-yong shared plans to consider Gwangju as a candidate site for the next semiconductor complex, make a high-bandwidth memory (HBM) fab investment in the Chungcheong region, and focus investments in next-generation batteries and battery energy storage systems (BESS) in the Yeongnam region.

Chairman Chey Tae-won announced an investment of about 100 billion won in the AI data center project and about 110 trillion won in the semiconductor supply expansion project. He said, "We have decided to advance the completion of the Yongin cluster, originally scheduled for 2045, by 12 years." He added, "We will bring forward an investment of about 60 trillion won in Yongin for DRAM expansion and about 10 trillion won in Cheongju for NAND expansion." Chey also said he plans to create a new cluster in the Southwest region, investing 40 trillion won in a site expected to satisfy all requirements, including large-scale land, electricity, water, and workforce.

This content was produced with the assistance of AI translation services.