Prominent leaders of South Korean businesses, including LG Corp., Samsung Electronics Co., and Hyundai Motor Co. gathered with celebrities including actress Angelina Jolie at a state dinner to honor South Korean President Yoon Suk Yeol Wednesday at the White House.
(Bloomberg) — Prominent leaders of South Korean businesses, including LG Corp., Samsung Electronics Co., and Hyundai Motor Co. gathered with celebrities including actress Angelina Jolie at a state dinner to honor South Korean President Yoon Suk Yeol Wednesday at the White House.
LG’s Koo Kwang Mo, Jae Y. Lee of Samsung, and Hyundai Chairman Chung Euisun and President Chung Kisun were among the executives who received the coveted invitations. Joining them were Chey Tae-won, chairman of SK Inc., Walter Cho, the chair of Korean Air Lines Co., Hyun Joon Cho, the chairman of Hyosung Corp. Celebrities including “Fixer Upper” stars Chip and Joanna Gaines and Olympic gold medalist Chloe Kim also scored invites.
The attendance of the business executives underscored attempts by the White House to balance requirements in the multibillion dollar Inflation Reduction Act and the Chips and Science Act conditioning tax incentives and subsidies on US production against allies like South Korea and Europe, who have pushed for looser regulations that can benefit their companies.
The dinner in honor of South Korea is only the second hosted by Biden, who sharply curtailed social engagements at the White House early in his presidency during the coronavirus pandemic.
Earlier: Biden Hosts Yoon to Seek Unity Over Risks Beyond North Korea
Seoul originally objected to provisions of the Inflation Reduction Act limiting electric vehicle tax subsidies to those with batteries manufactured or assembled in North America – potentially impacting Hyundai and its affiliate Kia Corp. But guidelines released last month loosened sourcing and content requirements, making it easier for South Korean companies operating battery plants in the US to earn the subsidies.
The country has also sought to navigate competition over the semiconductor industry, and restrictions in Biden’s legislation that impose barriers on Chinese business for companies that take tax credits and grants to expand their US manufacturing operations. Earlier Wednesday, Biden told reporters at a press conference he wanted the legislation to be a “win-win” and that it had not been “designed to hurt China.”
Read more: Biden Says US Chip Subsidies Not ‘Designed to Hurt China’
Wednesday night’s event wasn’t limited to business. Other attendees included former Major League Baseball pitcher Chan Ho Park and Min Jin Lee, the author of “Pachinko,” and Hollywood director Reginald Hudlin.
First Lady Jill Biden worked with guest chef Edward Lee, a Korean-American known for his Washington restaurant Succotash, for a fusion menu that includes Maryland crab cake with gochujang vinaigrette and braised short ribs served with sorghum-glazed carrots.
Guests will be entertained by Broadway stars Norm Lewis, Jessica Vosk, and Lea Salonga, the singing voice of the titular character in Walt Disney Co.’s “Mulan” as well as Princess Jasmine in the studio’s “Aladdin.”
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