The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Business
  • Tech
  • Bio
  • Companies
Thu, August 18, 2022 | 02:06
Companies
Samsung chief meets Moderna, Verizon heads in US
Posted : 2021-11-18 16:42
Updated : 2021-11-19 10:06
Print Preview
Font Size Up
Font Size Down
Samsung Vice Chairman Lee Jae-yong, left, poses with Moderna Chairman Noubar Afeyan on the sidelines of his visit to the head office of Flagship Pioneering, a bio investment venture established by the Moderna co-founder, Wednesday (KST). Courtesy of Samsung
Samsung Vice Chairman Lee Jae-yong, left, poses with Moderna Chairman Noubar Afeyan on the sidelines of his visit to the head office of Flagship Pioneering, a bio investment venture established by the Moderna co-founder, Wednesday (KST). Courtesy of Samsung

By Kim Yoo-chul

Samsung Vice Chairman Lee Jae-yong held talks with Moderna Chairman Noubar Afeyan and Verizon Wireless CEO Hans Vestberg, in a bid to expand their business partnerships amid hyper competition in the biotech and telecom markets.

In a rare statement released by the company headquarters in Korea, Thursday afternoon, Samsung said its vice chairman had a discussion on various pending issues with Afeyan, who is also Moderna's co-founder, in Boston, Massachusetts, Wednesday (KST).

The meeting, arranged by Moderna CEO Stephane Bancel, took place at the head office of Flagship Pioneering, a bio investment venture established by Afeyan.

Regarding the specifics of the in-person encounter, Samsung said a lot of measures and steps for broadening the long-term mutual partnership in vaccine- and biotech-oriented businesses were proposed.

[ANALYSIS] Rising labor cost forcing Samsung to rethink mobile strategy
[ANALYSIS] Rising labor cost forcing Samsung to rethink mobile strategy
2021-11-18 16:45  |  Tech

Moderna has accepted the government's repeated request to let Samsung Biologics manufacture its COVID-19 vaccines at Samsung's domestic plant for use by residents in Korea, because the country is accelerating its move to increase booster shots.

"The bio business was identified as one of Samsung's growth engines with Vice Chairman Lee handling this directly," a Samsung spokesman said.

Although Lee was in prison until this summer after a corruption conviction related to the impeachment and jailing of former President Park Geun-hye, Cheong Wa Dae said the decision to release Lee on parole was made because of his possible expanded role in addressing vaccine and chip shortage issues. A few days after his release, Samsung said it would invest heavily in the bio business.

Samsung Vice Chairman Lee Jae-yong, left, poses with Moderna Chairman Noubar Afeyan on the sidelines of his visit to the head office of Flagship Pioneering, a bio investment venture established by the Moderna co-founder, Wednesday (KST). Courtesy of Samsung
Samsung Vice Chairman Lee Jae-yong, right, poses with Verizon Wireless CEO Hans Vestberg during his visit to Verizon headquarters in the U.S. state of New Jersey, Thursday morning (KST). Courtesy of Samsung

A day after his visit to Massachusetts, Lee visited the headquarters of Verizon Wireless in New Jersey, Thursday morning, and held talks with Verizon CEO Hans Vestberg on ways to boost their partnership in the next-generation telecom business.

Verizon is one of the top clients for Samsung in the United States, as the latter won a $6.64 billion order to provide wireless systems in a deal regarded as a major win for its next-generation 5G network.

While Samsung is a global leader in memory chips, TVs and smartphones, its presence in the very lucrative network parts market isn't strong. Therefore, its partnership with Verizon will be a huge plus in terms of increased leverage to negotiate with other countries amid continued U.S. sanctions on Huawei.

Lee is expected to return home Nov. 23.




Emailyckim@koreatimes.co.kr Article ListMore articles by this reporter
 
LG
  • Samsung's defective washing machine fans consumer concerns
  • [INTERVIEW] Moon rallies int'l support for unification of two Koreas
  • Standard Chartered Bank chief to visit Seoul in late August
  • Envoy raises awareness of Korea among Serbian public
  • 'Labor law should be changed in line with Fourth Industrial Revolution'
  • [INTERVIEW] Data essential for 'evidence-based decisions': Statistics Korea commissioner
  • Yoon confident about Korea hosting World Expo 2030
  • What polls don't say about Yoon
  • Yoon opposes forceful change to status quo in North Korea
  • Bitcoin's role expected to expand as investors circumvent capital controls: Bithumb research chief
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • 2PM's Lee Jun-ho proves versatility at 'Before Midnight' concert 2PM's Lee Jun-ho proves versatility at 'Before Midnight' concert
    • 'Confidential Assignment 2' has even more action, humor 'Confidential Assignment 2' has even more action, humor
    • [INTERVIEW] Director of 'A Model Family' on blending Korean and European-style thrillers [INTERVIEW] Director of 'A Model Family' on blending Korean and European-style thrillers
    • Thriller series 'Flower Of Evil' becomes first K-drama to be remade in India Thriller series 'Flower Of Evil' becomes first K-drama to be remade in India
    • 'Extraordinary Attorney Woo' to be made into musicals in 2024 'Extraordinary Attorney Woo' to be made into musicals in 2024
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group