Chaebol tycoons facilitate President Yoon's business agenda

Samsung Electronics Chairman Lee Jae-yong

By Lee Kyung-min

Korea's chaebol leaders are expected to advance “business diplomacy,” the chief objective of President Yoon Suk Yeol during his eight-day trip to the United Arab Emirates (UAE) and Switzerland, according to market watchers, Monday.

Anchoring their rosy outlook is the reiterated commitment of Yoon and his UAE counterpart to the bilateral cooperation encompassing trade, defense, energy, manufacturing, construction and smart city planning ― areas where strong respective local market players have excelled at building a foundation in the Middle Eastern country over the past few years.

SK Group Chairman Chey Tae-won

Chief among the over 100 members of the delegation are Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, HD Hyundai CEO Chung Ki-sun and Hyosung Group Chairman Cho Hyun-joon. Joining them at the World Economic Forum in Geneva, Switzerland, will be LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin. Otherwise known as the Davos Forum, this year's international event is being held from Monday to Friday (local time), under the theme “Cooperation in a fragmented world.”

Hyundai Motor Group Chairman Chung Euisun

Lee is expected to go on a guided visit to the nuclear power plant in Barakah, the first commercial nuclear power station in the Arab world built jointly by the construction affiliates of Samsung and Hyundai. Samsung C&T and Hyundai E&C oversaw the construction of four Korea-developed APR1400 nuclear reactors, which each have a capacity of 1,400 megawatts. Two are operating, and the remaining two will begin commercial operations this year and next, respectively.

This week's visit will be Lee's second UAE trip since he was promoted to group chairman last year.

HD Hyundai CEO Chung Ki-sun

Also at the top of his agenda will be fostering high-speed 5G and 6G telecommunications business to be utilized to build Masdar City, a smart sustainable city project in Abu Dhabi, UAE. The low-carbon development will comprise clean-tech clusters, business free zones and residential districts housing restaurants, shops and public green spaces.

Choi will bolster energy sector cooperation, as outlined in a memorandum of understanding (MOU) between SK Group and Mubadala, the sovereign wealth fund of UAE, in the voluntary carbon market (VCM) business. The decentralized market is where private actors voluntarily buy and sell carbon credits that represent certified removals or reductions of greenhouse gases.

Hyosung Group Chairman Cho Hyun-joon

Lee and Choi, leaders of the top two local semiconductor powerhouses, will further their cooperation in high-tech manufacturing as well as bio and health in the European country. Basel, Switzerland, is a global pharmaceutical and bio hub with headquarters or regional offices of global bio titans including Roche, Johnson & Johnson, Bayer and Lonza Group.

Chung will expand cooperation in future eco-friendly mobility services, whereas HD Hyundai's head will strengthen defense businesses.

Cho will seek growth opportunities in construction and the maintenance of power generation facilities