Samsung chairman makes his 1st official overseas trip to Malaysia after acquittal

Samsung Electronics Chairman Lee Jae-yong inspects facilities and products at the SDI Production Center 1 in Shimban, Malaysia, on Sept. 9. Provided by Samsung Electronics

Samsung Electronics Chairman Lee Jae-yong visited Samsung SDI’s battery plants in Malaysia during the Lunar New Year holidays last week, which was his first official overseas trip of the year.

Samsung Electronics said on February 12 that Lee traveled to Seremban, Malaysia, on the 9th to inspect the company’s battery business. Lee was briefed on the current status of the local business and looked around the production site of its first plant and the construction site of its second plant.

Samsung SDI, which is currently operating its first plant in Malaysia, is building the second plant from 2022 to meet the demand for cylindrical batteries. The second plant, which is being built with an investment of 1.7 trillion won, is expected to be completed in 2025 and will mass-produce the PRiMX 21700 cylindrical battery from 2024.

The PRiMX 21700 circular battery with a diameter of millimeters and a height of 70 millimeters will be installed in various products such as power tools and electric vehicles. Samsung SDI recorded its highest-ever performance last year with 22.7 trillion won in sales, but it has been affected by the recent slowdown in the global electric vehicle market.

The chairman said, "We should invest boldly without getting discouraged by difficulties,” adding, “Let's lead changes with bold challenges to create new values and secure solid competitiveness." Lee has visited overseas business sites every major traditional holiday to inspect local businesses and markets, including a visit to Israel, Egypt, and Saudi Arabia during the Chuseok holiday last year.

On the 10th, Lee also visited Kuala Lumpur, the capital of Malaysia, to gauge consumer response to information technology (IT) products. "Malaysia is the No. 1 country in Samsung smartphone shipments, and its strategic importance in the Southeast Asian market is expected to expand in the future," Samsung Electronics said. The company also said that the chairman had time to encourage local employees. Lee reportedly returned to Korea via Incheon International Airport in the early morning of the 11th.

Earlier, Lee left the country on the 6th to inspect overseas business sites, a day after he was acquitted in the first trial of Samsung C&T and Cheil Industries' unfair merger and fraudulent accounting case. It is his first official overseas trip this year in which he has made a public appearance. In addition to Malaysia, Lee reportedly visited Middle Eastern countries such as the United Arab Emirates but Samsung Electronics did not disclose a specific itinerary.

The business community is paying attention to whether Lee will make any business achievements such as large-scale mergers and acquisitions after the acquittal of the first trial.

※This article has undergone review by a professional translator after being translated by an AI translation tool.