South Korean firms’ spending on US lobbying doubles in 5 years: Data

Seoul, Oct 1 (IANS) South Korean businesses’ spending on lobbying in the United States has more than doubled over the past five years, data showed on Wednesday, in line with their efforts to address Washington’s industrial policies.

Major South Korean companies spent a combined US$35.32 million on lobbying activities in the U.S. last year, up 41.8 percent from a year earlier amid the U.S. presidential election, according to the data compiled by industry tracker CEO Score, reports Yonhap news agency.

The amount marked a sharp rise from $15.53 million in 2020. In 2024, seven South Korean conglomerates, including Samsung, Hyundai Motor and Hanwha, each spent more than $1 million on lobbying activities.

Samsung Group, which holds Samsung Electronics Co. and Samsung SDI Co. under its wing, spent $8.62 million last year, the largest amount among all South Korean conglomerates.

SK Group spent $7.08 million, followed by Hanwha Group with $6.05 million.

Hyundai Motor Group and Coupang spent $4.78 million and $3.31 million, respectively, on lobbying, the data showed. LG Group spent $1.34 million.

“South Korean companies apparently expanded lobbying expenditures to prepare for political risks during the U.S. presidential election, along with efforts to address U.S. industrial policies,” the industry tracker said.

Meanwhile, South Korea’s major business lobby hosted a seminar on Wednesday, inviting Climate Minister Kim Sung-whan to discuss sustainable climate policies for the environment and industry.

The event, hosted by the Korea Chamber of Commerce and Industry (KCCI), came as the Ministry of Climate, Energy and Environment was officially launched on the day following a reorganisation of government ministries.

The ministry has taken over the task of overseeing energy policies from the newly named Ministry of Trade and Industry.

“South Korean companies are facing major challenges, including carbon neutrality and energy transition,” KCCI Executive Vice Chairman Park Il-joon said.

“We hope that the newly launched climate ministry will implement policies that create synergy between the energy and environment sectors,” Park added.

In response, Kim said the government will seek to make green and artificial transformation serve as key pillars in turning South Korea into a leader in the carbon-free and green industry.

—IANS

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