Korean business leaders join President Lee’s China visit

(Yonhap)

South Korea’s top business leaders joined President Lee Jae-myung’s state visit to China from Sunday through Wednesday as part of an economic delegation organized by the Korea Chamber of Commerce and Industry.

According to Yonhap News on Sunday, while departing Seoul on Sunday, KCCI Chairman and SK Group Chairman Chey Tae-won said he hoped the delegation’s first visit to China in six years would produce “good results.”

On whether supply chain risks would be discussed with Chinese companies, he said he would “try to find clues” for growth.

(Yonhap)

Samsung Electronics Co. Chairman Jay Y. Lee, Hyundai Motor Group Chairman Euisun Chung, and LG Group Chairman Koo Kwang-mo also left for China later on Sunday.

The delegation includes the heads of the four major conglomerates and about 200 business leaders.

Other members in the delegation are reported to include GS Group Chairman Huh Tae-soo, POSCO Group Chairman Chang In-hwa, LS Group Chairman Koo Ja-eun, and CJ Group Chairman and Korea Enterprises Federation Chairman Sohn Kyung-shik.

The trip marks the first time in about six years that the KCCI has organized an economic delegation to China, following a previous mission in December 2019 tied to a trilateral summit among Korea, China, and Japan under former President Moon Jae-in.

During the visit, the delegation plans to hold a Korea-China business forum, sign memorandums of understanding on economic cooperation, and conduct one-on-one business meetings.

Discussions are expected to center on strengthening economic ties with China, a key production base and market for Korean industries including semiconductors, batteries, and displays.

Samsung Electronics operates a NAND flash production facility in Xian and a semiconductor back-end packaging plant in Suzhou.

SK hynix Inc. runs a DRAM plant in Wuxi, a NAND packaging facility in Chongqing, and a NAND plant in Dalian.

Analysts say cooperation between Korean and Chinese companies could gain momentum after the U.S. government recently eased some restrictions on equipment shipments to Chinese plants operated by Korean semiconductor manufacturers.

Hyundai Motor Co. and Kia Corp. operate production plants in Beijing and Yancheng, respectively, while LG Energy Solution Ltd. runs a manufacturing facility in Nanjing.