Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Lee Jae-yong expands presence in business scene once again
Samsung Electronics Vice Chairman Lee Jae-yong gives a welcoming speech to President Yoon Suk-yeol and U.S. President Joe Biden during their visit to the company's Pyeongtaek plant on May 20. Korea Times photo by Seo Jae-hoon
By Kim Hyun-bin
By Kim Hyun-bin
Samsung Electronics Vice Chairman Lee Jae-yong is expanding his presence in the business scene, fueling the expectation that he will more actively engage in management personally following the inauguration of the new government.
Lee attended the “2022 Samsung Ho-Am Prize Ceremony” held at the Shilla Hotel in Seoul, Tuesday, for the first time in six years. He personally hosted the event after the collapse of his late father, Samsung Chairman Lee Kun-hee, in 2014, but has been absent following his involvement in a corruption scandal that arose in 2017 leading to the impeachment of former president Park Geun-hye.
He was sentenced to two and a half years in prison over bribing Park but was released on parole in August last year after serving just 18 months in prison.
Lee, the de facto leader of the nation's largest conglomerate, had been largely removed from all business affairs since then but has been noticeably active in business activities after attending the inauguration ceremony of President Yoon Suk-yeol on May 10.
On May 20, Lee acted as a “private diplomat” when introducing Samsung Electronics' Pyeongtaek campus to President Yoon and U.S. President Joe Biden, who visited the country for the Korea-U.S. summit. The following day, Lee attended the Korea-U.S. business round table and President Biden's welcome dinner.
On May 30, Lee and Intel CEO Pat Gelsinger had a surprise meeting at the Samsung building in Seoul. Lee and Gelsinger are reported to have discussed ways to cooperate in various fields such as next-generation memory, fabless system semiconductors, the foundry business, PCs and mobiles.
Samsung announced on May 24 that it will invest 450 trillion won over the next five years to foster new growth engines. This is an increase of 120 trillion won or 30 percent compared to the past five years, and the business community interpreted the large investments as Samsung's response to the new government's pro-business stance.
Industry officials believe that Lee will accelerate business activities once he is pardoned. Many believe a large-scale M&A could be in the works while Samsung Electronics has not conducted a largescale M&A since acquiring Harman in 2016.
"As global uncertainty is growing, his role has become more important than ever," an industry official said. “Only when restrictions are lifted Lee will be able to speed up investments and M&As.”
Also, the business world is paying attention to whether Lee will attend the “Allen & Company Conference” held every July in Sun Valley in Idaho, U.S. This event is a global business conference hosted by American investment bank Allen & Company since 1983.
It is also known as the “billionaire social club” because global media and information technology (IT) industry giants are the main guests. Apple CEO Tim Cook, Microsoft Founder Bill Gates, Facebook CEO Mark Zuckerberg, Amazon Founder Jeff Bezos, News Corporation Founder Rupert Murdoch, and Berkshire Hathaway Chairman Warren Buffett are scheduled to attend. Vice-Chairman Lee is the only Korean that qualifies to be invited to the event.