Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Samsung chairman aims to strengthen cooperation with Japanese partners
Lee Jae-yong, left, executive chairman of Samsung Electronics, visits the company’s Giheung campus in Yongin, Gyeonggi Province, Oct.19, to inspect the construction site of a semiconductor R&D complex and review the company’s semiconductor business strategy. Courtesy of Samsung Electronics
By Baek Byung-yeul
Samsung Electronics Executive Chairman Lee Jae-yong held a meeting with the company’s key Japanese partners in Seoul, Saturday, to further strengthen cooperation in the face of complex crises caused by the global economic recession and growing uncertainties, the chipmaker said Sunday.
The chairman hosted the regular meeting of Lee Kunhee Japanese Friends (LJF), which celebrates its 30th anniversary this year, in Seungjiwon, Samsung Group’s reception hall in tony section of Itaewon, central Seoul.
LJF was launched in 1993 by the late Lee Kun-hee, former chairman of Samsung Group and father of the current chairman, to bolster cooperation between Samsung and Japan’s electronics industry, including semiconductors, mobile phones, TVs and home appliances.
“It was the first time that Chairman Lee chaired a regular LJF meeting since he took the helm last year, and it was the first time that a face-to-face meeting was held in Korea since 2019. At that time, he chaired the meeting in place of the former chairman, who was ill,” Samsung said.
Among the attendees from Samsung at the meeting were Samsung Electronics Vice Chairman Han Jong-hee, Samsung’s mobile business head Roh Tae-moon, Samsung Display CEO Choi Joo-sun, Samsung SDI CEO Choi Yoon-ho and Samsung C&T CEO Koh Jung-suk.
From the LJF, eight executives from companies in the electronic component and material industries attended, such as TDK, Murata Manufacturing and Alps Alpine.
Samsung said that Lee, in his welcome speech at the meeting, described how Samsung's cooperation with the Japanese component and material industry had been a major force in the company's growth into a global top-tier player today.
"Lee said that the trust and cooperation between LJF member companies and Samsung have not wavered in the slightest despite the ups and downs of Korea-Japan relations over the past 30 years. He added that the close cooperation with Japanese companies, including LJF member companies, will continue to be essential in the future," Samsung said.
They have been strengthening cooperation in the midst of a series of global issues that threaten businesses, such as the COVID-19 pandemic, the U.S.-China trade war and the Russia-Ukraine war.
"Lee stressed that Samsung and the Japanese industry must continue to maintain a trust-based cooperative relationship like a ‘precious friend who walks together for a thousand miles’ in order to lead the future industry and enjoy greater prosperity," Samsung said.
Lee Kun-hee, former chairman of Samsung Group, convenes a management meeting in Osaka, Japan, in this July, 1993 file photo. Courtesy of Samsung Electronics
The industry view is that Lee has played a pivotal role as a private ambassador between the two economies.
In 2019, when Japan tightened its export restrictions of high-tech materials against Korean companies, Lee immediately activated his Japanese business network, including the LJF, and made efforts to minimize the damage to Samsung and Korea's industry.
The Korea-Japan trade dispute was officially resolved this year. The chairman is known to have played a role in bringing about the resolution by visiting Japan several times unofficially to communicate with Japanese business leaders.
Lee is speeding up preparations for the future by personally overseeing key businesses, such as semiconductors, displays and batteries, and reviewing business strategies.
He is also preparing for Samsung’s new leap forward by commemorating his father’s visionary leadership. Samsung recently held a 30th anniversary ceremony for a guide dog school, which his father had always cared about, and a memorial academic conference and music concert for the late chairman, ahead of the third anniversary of his memorial day that is held on the 25th.