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Samsung’s heir Lee to meet Chinese leader

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Published : 2014-06-22 20:44
Updated : 2014-06-22 21:13

Samsung Electronics’ vice chairman Lee Jay-yong will reportedly meet with Chinese President Xi Jinping during his visit to South Korea from July 3-5, according to industry sources.

On his developing itinerary, Xi plans to visit Samsung Electronics’ headquarters, located in Suwon, Gyeonggi Province, accompanied by Lee, sources said. Samsung heir-apparent, Lee will take China’s State President on a tour of the Samsung Innovation Museum, which opened at the Suwon site last April.

Regarding Xi’s visit to the company, however, Samsung Group’s spokesperson declined to comment, saying “We have no information about the plan.”
Industry sources said the meeting between the Chinese President and Lee is to be arranged at the request of Samsung.

China has been keen on Samsung’s investment plan in emerging markets. The nation’s top business conglomerate investments in emerging countries exceeded that of developed nations for the first time in the first quarter of this year. Samsung’s fixed assets in China topped the list with 9 trillion won ($8.8 billion), up from 2.8 trillion won in the fourth quarter of last year.

Xi’s visit to Samsung is not the first. He came to Samsung Electronics’ plant in Suwon in 2005 when he was a party secretary of Zhejiang province. He also visited a Samsung plant in the Chinese city of Suzhou in 2007.

Lee and Xi had several meetings since 2010 when they first met at the Great Hall of the People in Beijing in February in 2010 to discuss the company’s investment plan in China. Later in April 2013, they again met at the Boao Forum for Asia Annual Conference 2013 in Hainan.

During his stay in Korea, Chinese President will also reportedly meet with other business moguls including Hyundai Motor Group chairman Chung Mong-Koo, who is eyeing a fourth car production line in China.

By Shin Ji-hye (shinjh@heraldcorp.com)

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