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.
SK, POSCO, Lotte chiefs join Yoon's trip to mineral-rich Central Asia
SK Group Chairman Chey Tae-won, second from right, talks with Uzbek President Shavkat Mirziyoyev, second from left, at the presidential palace in Tashkent in this October 2023 file photo. Courtesy of Uzbek presidential office
By Park Jae-hyuk
The chairmen of SK, POSCO and Lotte will accompany President Yoon Suk Yeol on his state visits to Turkmenistan, Kazakhstan and Uzbekistan this week to seek business cooperation with the mineral-rich Central Asian countries, according to industry officials Monday.
SK Group Chairman Chey Tae-won will reportedly participate in a business forum in Uzbekistan because the Korea Chamber of Commerce & Industry, under his leadership, is in charge of business events in Turkmenistan and Uzbekistan. Yoon is scheduled to visit Uzbekistan on Thursday.
Last October, Chey met with Uzbek President Shavkat Mirziyoyev at the presidential palace in Tashkent to discuss the construction of SK Nexilis’ copper foil factory there.
Senior executives of SK hynix also discussed cooperation with Uzbek Foreign Minister Bakhtiyor Saidov during his visit to the chipmaker’s Icheon plant in Gyeonggi Province last September.
SK ecoplant has been carrying out a project to modernize eco-friendly energy sources in Uzbekistan after the group’s construction unit signed a memorandum of understanding in 2021 with the Uzbek investments ministry.
POSCO Group Chairman Chang In-hwa
POSCO Group Chairman Chang In-hwa is expected to look for opportunities for the group’s battery materials business, considering the Kazakh government’s recent exploration of lithium mines.
POSCO International, the group’s trading unit, is doing business in Uzbekistan to produce fabric, as the country is the world’s sixth-largest cotton producer.
This is also the first time in eight years for a POSCO Group chairman to join a business delegation accompanying the president’s overseas trip, because former Chairman Choi Jeong-woo had been excluded from presidential events.
Lotte Group Chairman Shin Dong-bin will likely seek ways to source raw materials for Lotte Chemical’s business.
Lotte Wellfood, the group’s food manufacturing unit, has also enjoyed handsome profits from its business in Kazakhstan. In addition, Lotte Scholarship Foundation has granted scholarships to descendants of Korean independence activists in Central Asia.
Lotte Group Chairman Shin Dong-bin
There remains a possibility that other conglomerate chiefs have decided to join the business delegation. According to the presidential office, representatives of around 65 companies and 20 business associations will accompany Yoon.
“Central Asia is highly probable to grow into a promising market, as its size is 15 times larger than the Korean Peninsula and its population reaches 80 million,” Senior Presidential Secretary for Economic Affairs Park Chun-sup said. “In particular, the region is rich in core minerals, as well as crude oil and gas, so there is a great potential for cooperation with Korea, which should continue fostering high-tech industries.”
The Korea International Trade Association, which is in charge of business events in Kazakhstan, urged Korea to pay attention to possible cooperation with Central Asian countries in natural resources, urban development, ICT and health care sectors.