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Chinese business leaders to seal partnerships with Korean tycoons

Largest-ever business delegation from China to visit Korea

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Published : 2014-07-02 20:40
Updated : 2014-07-02 20:40

The largest-ever Chinese business delegation, composed of more than 200 Chinese CEOs, will visit Korea on Thursday with Chinese President Xi Jinping.

“The 250-member delegation includes star Chinese business gurus, including Alibaba founder Jack Ma, Huawei Technologies president Ren Zhengfei and Baidu CEO Lobin Lee,” the Korea Chamber of Commerce and Industry said in a press release.

Based on the scale of the delegation, industry sources said a number of investment and corporate cooperation pacts will be signed during Xi’s visit to Korea. 

The centerpiece event for the Chinese business delegation is the Korea-China business forum, which KCCI will host at Hotel Shilla on Friday. Xi will be attending the forum to deliver an opening speech.

Business leaders from the two countries are poised to sign agreements aimed at mutual business expansion, according to KCCI officials.

“The event is designed to give Korean firms a chance to seek more business opportunities in China and vice versa,” said Lee Dong-geun, the KCCI vice chairman. “In essence, the forum will be a showdown highlighting Korea-China business ties.”

Members of the Chinese corporate delegation are expected to unveil investment and partnership projects in the Korean market, according to those close to the matter.

From Korea, about 170 Korean business leaders, including Samsung vice chairman Lee Jay-yong, Hyundai Motor chairman Chung Mong-koo and LG Group chairman Koo Bon-moo, will participate to discuss critical partnership issues with their Chinese counterparts.

Prior to the forum, the top management of the nation’s top four business groups ― Samsung, Hyundai Motor, LG and SK ― will hold a private meeting with the Chinese president in hopes of ironing out issues delaying their investment plans in China.

During the closed-door meeting, Hyundai Motor chairman Chung is expected to request China’s assistance to push forward with the firm’s key overseas investment project, building its fourth car manufacturing plant in Chongqing.

Samsung Group vice chairman Lee reportedly will address with Xi the group’s ongoing $7 billion chip manufacturing project in Xian.

As for business projects in China, POSCO chairman Kwon Oh-joon is expected to sign a memorandum of understanding with his counterpart of Chongqing Iron and Steel to push for the project by setting up a joint venture firm. The nation’s top steelmaker agreed with its Chinese counterpart on the steel mill project last September, but the project has shown little progress due to regulatory issues.

LG Chem is scheduled to sign a deal with the Nanjing city government to set up a joint venture for a battery business in China.

By Seo Jee-yeon (jyseo@heraldcorp.com)

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