Lee Jay-yong to join Boao Forum

By Kim Yoo-chul

Lee Jay-yong

Samsung Electronics Vice Chairman Lee Jay-yong is to be named a new board member of the Boao Forum for Asia.

The Boao Forum, viewed as an Asian version of the Davos Forum, is a non-profit, non-governmental organization established in February 2001 by 26 Asian representatives to prepare for a world reorganized by western powers.

``Samsung Vice Chairman Lee will be officially appointed as a board of director member of the forum,’’ said an official at Samsung Communications Team, Tuesday.

The seat has been vacant since SK Group Chairman Chey Tae-won stepped down from the position for personal reasons. SK is another of the top-tier industrial conglomerates in Korea.

Samsung said Lee will attend the upcoming annual forum which will run from April 6 through 8 in the Chinese resort city of Boao.

Samsung officials said Lee is expected to meet with top Chinese politicians.

Samsung is actively embracing China as its next consumer electronics market that is expected to eventually replace North America.

The official declined to say whether Lee will meet Chinese President Xi Jinping during the forum. Xi will deliver a keynote speech at the opening ceremony.

Lee and Xi met twice in February 2010 and August 2010 and discussed several pending issues.

There have been no further official face-to-face meetings between them but sources said Xi has an interest in checking Samsung’s strategies for China.

China is attracting foreign direct investment by guaranteeing financial and administrative support. However, it normally raises its tariff rates if foreign companies fail to meet their earlier promises to the Chinese government over operational timing.

Samsung only began selling mobile devices in China in 2009, making its rise to the top an impressive feat.

``Samsung runs various manufacturing plants in China, such as in Huizhou, Tianjin and Suzhou, to produce mobile phones and home appliances for localized strategies. I can say Samsung’s strategies in China are very systematic,’’ said a Samsung employee by telephone.