Samsung, SK, POSCO chiefs meet Canadian PM Trudeau

The Korea Times

The Korea Times

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Sat, September 30, 2023 | 05:26

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Samsung, SK, POSCO chiefs meet Canadian PM Trudeau

Posted : 2023-05-18 16:29

Updated : 2023-05-19 16:13

Samsung Electronics Executive Chairman Lee Jae-yong, left, speaks with Canadian Prime Minister Justin Trudeau at Lotte Hotel Seoul, Wednesday. Screenshot from Twitter

By Park Jae-hyuk

Samsung Electronics Executive Chairman Lee Jae-yong was among the Korean business tycoons who met with Canadian Prime Minister Justin Trudeau in Seoul on Wednesday afternoon, along with SK Group Chairman Chey Tae-won and POSCO Holdings Chairman Choi Jeong-woo.

A day later, Trudeau uploaded photos of his meetings with the three Korean business leaders.

Although it was revealed on Wednesday that the prime minister met with the heads of SK and POSCO, his meeting with the Samsung chairman had not been known to the public until he posted the pictures.

"Canada is ready to work with Korean partners on critical minerals, high-tech innovation, clean energy solutions, and more," Trudeau tweeted just past midnight. "Today in Seoul, I spoke about that with officials from Samsung, SK Group, and POSCO Holdings ― and about how, together, we can create both jobs and growth."

Canada's Minister of Innovation, Science and Industry Francois-Philippe Champagne, who accompanied Trudeau on his trip to Korea, also shared the photos with a message that reads: "Clean tech, the digital economy and critical minerals are all areas in which we will keep working with our Korean partners like Samsung, SK Group and POSCO Holdings."

He also tweeted that strengthening his country's ties with Korean allies will generate economic growth and create good jobs in both countries.

SK Group Chairman Chey Tae-won, left, speaks with Canadian Prime Minister Justin Trudeau at Lotte Hotel Seoul, Wednesday. Screenshot from Twitter

Samsung, SK and POSCO kept silent on what exactly their chiefs had discussed with Trudeau.

Given that the three conglomerates have subsidiaries active in battery-related sectors and that Canadian government officials were busy meeting with electric vehicle (EV) and battery firms here this week, there is speculation that the mineral-rich North American nation may have asked the business leaders to make investments in the country's EV battery ecosystem.

Last September, Victor Fedeli, the Ontario provincial minister of economic development, job creation and trade, met with Samsung SDI officials to discuss manufacturing opportunities for EVs, consumer electronic batteries and the benefits of investing in the Canadian province.

As for SK Group, its chairman met with the Canadian leader, along with executives of EV battery maker SK On and SKC, which produces copper foil for batteries.

The POSCO Holdings chairman is said to have had talks with the prime minister on the business of POSCO Future M, which had decided to set up a joint battery materials plant in Quebec with General Motors.

POSCO Holdings Chairman Choi Jeong-woo, left, shakes hands with Canadian Prime Minister Justin Trudeau at Lotte Hotel Seoul, Wednesday. Screenshot from Twitter

Trudeau, however, does not appear to have met with Chairman Koo Kwang-mo of LG Group, which also has a battery manufacturing unit, LG Energy Solution (LGES). The state dinner hosted by President Yoon Suk Yeol on Wednesday evening was attended by LGES Chief Risk Management Officer Lee Bang-soo, according to the presidential office.

The Canadian government has had a conflict with LGES and its partner, Stellantis, due to its failure to fulfill its promise of offering higher incentives while providing Volkswagen with handsome benefits. The dispute led the two companies to halt the construction of their joint battery plant in Ontario.

Asked about this issue during a press conference after his summit with the Korean president, Trudeau responded that Canada has been successfully creating great jobs for the middle class across the country through investments by partners from around the world.

Although Ottawa announced it would offer higher incentives by urging Ontario to pay its fair share, the Canadian province has remained reluctant to share the burden with the federal government.

pjh@koreatimes.co.kr