Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Samsung, SK chiefs prepare for trips to China amid intensifying 'chip war'
Samsung Electronics Chairman Lee Jae-yong, front row left, escorts Chinese President Xi Jinping, front row center, and first lady Peng Liyuan, at The Shilla Seoul in this 2014 file photo. Courtesy of Samsung Electronics
By Park Jae-hyuk
By Park Jae-hyuk
All eyes are on the heads of Samsung and SK and how they will overhaul their semiconductor businesses in China, during their highly probable trips to the country later this month. This comes amid the U.S. government's intensifying efforts to restrain the growth of the Chinese chip industry.
Samsung Electronics Chairman Lee Jae-yong is mentioned as one of the global business leaders to participate in the China Development Forum (CDF), which will be held in Beijing from March 25 to 27, according to industry officials, Thursday.
Although Samsung Electronics declined to confirm the chairman's itinerary, he is said to be meeting with Apple CEO Tim Cook and Pfizer CEO Albert Bourla, as well as China's new Prime Minister Li Qiang, during the forum held annually by the Chinese government to discuss ways to develop the country's economy.
When Lee paid a previous visit to China in 2020, he inspected his company's semiconductor factory in Xi'an, to consider coping mechanisms for the U.S.-China trade war.
Then Shaanxi Province Governor Hu Heping welcomed Lee, expressing gratitude for Samsung's provision of quarantine aid for Chinese citizens. In addition, the Samsung Electronics chairman met with Chinese President Xi Jinping several times.
Lee is therefore expected to visit his company's Chinese factory once again and talk with the Chinese authorities during his forthcoming trip. During his visit to Japan last week, Lee told reporters that it is better to have as many friends as possible and as few enemies as possible.
“Amid the intensifying pressure of the U.S. against China, he will likely meet with high-ranking Chinese government officials,” an industry official said.
SK Group Chairman Chey Tae-won speaks during the Boao Forum for Asia Annual Conference in Hainan in this 2019 file photo. Courtesy of SK Group
SK Group and Korea Chamber of Commerce and Industry Chairman Chey Tae-won plans to attend the Boao Forum for Asia (BFA) in Hainan, China, which will be held entirely offline between March 28 and 31 for the first time since the COVID-19 pandemic. The chairman is among the BFA council of advisers.
“Chey is a key contributor to the Boao Forum for Asia and the World Economic Forum,” the forum's organizer wrote on its website.
During last year's forum, Chey delivered an online congratulatory message emphasizing the importance of management in consideration of environmental, social and corporate governance (ESG) principles.
An SK Group official declined to confirm whether the chairman will also attend the CDF or visit SK hynix's factories in Wuxi and Dalian.
“It is uncertain whether the chairman will deliver a speech at this year's forum,” the official said.
The same group of Korean business tycoons is also expected to accompany President Yoon Suk Yeol on his forthcoming visit to the U.S. for the summit with U.S. President Joe Biden in April.