[THE INVESTOR] Hyundai Motor Group Vice Chairman Chung Eui-sun will join the business delegation accompanying President Moon Jae-in on his maiden trip to Washington at the month-end, according to media reports on June 22.

Chung, the heir-apparent of the auto giant, was included in the group of around 50 businessmen compiled by the Korean Chamber of Commerce and Industry, with the list awaiting final approval from the presidential office Cheong Wa Dae. 

Chung’s first US business delegation trip highlights Hyundai’s emphasis on its largest overseas market as well as its efforts to strengthen ties under the new Trump administration. Hyundai Motor Group -- which includes Hyundai Motor and Kia Motors -- announced it will invest US$3.1 billion in the US over the next five-year period, joining global auto giants that have announced large investment plants. The auto giant is also mulling plans to build another auto plant in the US, in addition to its Alabama and Georgia facilities.

Facing declining sales in the US, Hyundai is putting all-out efforts in the all-important market. It is planning to launch its latest Kona compact SUV in the US in December, while Kia’s premium sports sedan Stinger will be introduced in the second half of this year.

The business delegation includes Samsung Group CEO Yoon Boo-keun in place of the de facto leader Lee Jae-yong, who is currently on trial on bribery charges. LG Group Vice Chairman Koo Bon-joon, SK Group Chairman Chey Tae-won, POSCO Chairman Kwon Oh-joon, and GS Grop Chairman Huh Chang-soo are also expected to accompany the president.

By Ahn Sung-mi (sahn@heraldcorp.com)