More than 70 business leaders will tag along with President Park Guen-hye on her visit to China scheduled to begin June 27, according to officials at the Federation of Korean Industries (FKI), Sunday.
The size of the business delegation is the largest in the country's history. Park was accompanied by 51 large business group CEOs on her recent visit to the United States. Just 36 business leaders traveled with former President Lee Myung-bak to Beijing five years ago.
"The largest economic delegation suggests that Korean business leaders see China as their most important market. With the United States, China is one of Korea's crucial business partners," said an official from the FKI, the nation's most powerful business lobby.
Park will stay in China for four days returning to Korea June 30. During her stay, the Korean President will meet and hold talks with Chinese leaders.
"The delegation will participate in the Korea-China Business Forum on June 28 and discuss mutual issues and how to develop business ties in a meeting with influential Chinese politicians and businessmen," said the official.
The delegation will include heads of Korea's major business groups except for Samsung Electronics Chairman Lee Kun-hee.
Among them will be Hyundai Motor Group Chairman Chung Mong-koo; LG Group Chairman Koo Bon-moo; and Kim Chang-geun, chairman of SK Group's top decision-making SUPEX Council.
Kumho-Asiana Group Chairman Park Sam-koo, LS Group Chairman Koo Cha-yol, Hanjin Chairman Cho Yang-ho, Samsung Vice Chairman Kang Ho-moon and KT Chairman Lee Suk-chae will also join the delegation.
Samsung's Lee, who accompanied Park on her visit to the United States, will miss out this time due to a business trip. Lee flew Japan on June 20 to meet business leaders there.
LG Group Chairman Koo Bon-moo will have a series of business meetings to find new business chances and to raise its stakes in the growing smartphone and premium TV markets in China.
"As more Chinese are shifting toward devices that support long-term evolution (LTE) telecommunications technology from those using third-generation (3G), our chairman will use the trip as a chance to strengthen the group's business there," said a spokesman at LG.
Hyundai's Chung is expected to discuss the location of its fourth factory with local officials amid the rising popularity of its vehicles, there.
Since this year, the Korean automotive group has been seeing monthly car sales grow by more than 20 percent.
A KT spokesman said its chairman will meet top management of major Chinese carriers to boost mutual partnerships and find next cash-generators in accordance with the company's strategy to cut its heavy reliance on the saturated local market.