President Lee Jae Myung applauds with enterprise leaders on the sidelines of this yr’s Asia-Pacific Financial Cooperation summit in Gyeongju, North Gyeongsang Province, Oct. 31. From left are Naver founder Lee Hae-jin, SK Group Chairman Chey Tae-won, Nvidia CEO Jensen Huang, Lee, Samsung Electronics Govt Chairman Lee Jae-yong and Hyundai Motor Group Govt Chair Chung Euisun. Yonhap
Main conglomerate leaders are set to embark on a uncommon joint enterprise journey to China in early January, as a part of efforts to revive their provide chain partnership with the world’s second-largest economic system in key strategic future progress areas equivalent to chips, batteries and electrical automobiles (EVs), business officers stated Wednesday.
The heads of Samsung, SK, LG and Hyundai Motor may also search extra enterprise ties with their Chinese language companions by accompanying President Lee Jae Myung’s envisaged go to to China. A gaggle of some 200 enterprise tycoons will fly to Beijing as a enterprise delegation.
It is going to be the primary Korean enterprise delegation to China in six years since December 2019, with Korea Chamber of Commerce and Business (KCCI) Chairman Chey Tae-won set to steer the group.
The Korean enterprise leaders will probably be tasked with reviving their partnerships with Chinese language corporations amid decreased commerce friction between the USA and China. Korea’s enterprise circle has remained extremely susceptible to the extended commerce warfare between the world’s two largest economies.
Samsung Electronics Govt Chairman Lee Jae-yong could search deeper enterprise ties in chips and in-vehicle infotainment programs together with his Chinese language companions throughout the upcoming go to to Beijing. In March, Lee met with Xiaomi Chairman Lei Jun throughout his enterprise journey to the Chinese language agency’s automotive plant in Beijing. He additionally mentioned potential cooperation in automobile electronics at a gathering with BYD Chairman Wang Chuanfu.
Chey, who additionally serves as chairman of SK Group, will give attention to efficiently internet hosting the Korea-China enterprise discussion board on the sidelines of Lee’s deliberate summit with Chinese language President Xi Jinping.
Samsung Electrocnis Govt Chairman Lee Jae-yong attends a gala dinner for the Asia-Pacific Financial Cooperation summit in Gyeongju, North Gyeongsang Province, Nov. 1. Yonhap
LG Group Chairman Koo Kwang-mo is broadly anticipated to hitch the delegation and search potential partnerships with Chinese language corporations, to mitigate provide chain dangers for key enterprise areas equivalent to batteries.
Hyundai Motor Group can also be renewing its push for a rebound in China. Regardless of tight competitors towards Chinese language EV makers, Hyundai Motor is on observe to realize a serious gross sales rebound there. In response to information from the carmaker, it bought a complete of 12,016 automobiles in China in November, up 71.7 % from the earlier yr.
In October, the carmaker additionally began gross sales for its Elexio all-electric SUV, completely designed for China. The launch of the automobile demonstrates Beijing Hyundai’s renewed dedication to increasing its presence there.
Hyundai Motor Group Govt Chair Chung Euisun is prone to maintain closed-door conferences with high administration from China’s main battery corporations, together with CATL Chairman Robin Zeng and different leaders in China’s auto and battery business.
“Enterprise tycoons’ China go to could revive momentum for bilateral partnership, as each nations have to date remained lukewarm when it comes to enterprise cooperation amid quickly escalating international protectionism,” an business official stated.
