Hyundai Motor Group Chairman Chung Eui-sun (second from left) and Hyundai Motor President of Power Planning Gong Young-woon (right) are leaving after paying their respects at the funeral hall set up for the late Samsung Group Chairman Lee Kun-hee at Seoul Samsung Hospital in Gangnam-gu, Seoul, on the morning of the 26th. Photo by Joint Press Corps
[Asia Economy Reporter Kiho Sung] Chung Euisun, Chairman of Hyundai Motor Group, was the first among the heads of the five major conglomerates to visit the funeral hall of Samsung Chairman Lee Kun-hee to offer condolences, and he also attended the private funeral held on the 28th. Samsung Electronics Vice Chairman Lee Jae-yong personally drove Hyundai's sports utility vehicle (SUV) 'Palisade' to the funeral hall, raising expectations that Samsung and Hyundai, which have been fierce competitors since their predecessors, may be entering a full-fledged cooperative relationship under the friendship of the two young 'heads.'
Chairman Chung attended Chairman Lee's funeral held at Samsung Seoul Hospital in Irwon-dong, Seoul, at 7:30 a.m. that day, accompanying the deceased on his final journey. The funeral ceremony lasted about an hour.
On the 26th, Chairman Chung was the first among the five major conglomerates, excluding Samsung, to visit Chairman Lee's funeral hall. After about eight minutes of condolence, Chairman Chung told reporters, "It is very regrettable that such a great person has passed away," and added, "I am grateful that the deceased instilled a strong spirit of being number one in all sectors of our country's economy."
Vice Chairman Lee, born in 1968, and Chairman Chung, born in 1970, have recently shown their friendship through frequent exchanges. Especially since both are pragmatic in style, future cooperation is highly anticipated.
In May, Chairman Chung became the first head of Hyundai to visit Samsung SDI's Cheonan plant, and two months later, Vice Chairman Lee reciprocated by visiting Hyundai-Kia Motors' Namyang Technology Research Center. This active cooperation between the two marked a momentum for the 'K-Battery Summit.'
The two groups have been fierce competitors since the era of their founders, Lee Byung-chul and Chung Ju-yung. In particular, when Samsung started its semiconductor business in 1983, Hyundai Group also entered the semiconductor business the same year, intensifying competition. Furthermore, when Samsung entered the automobile business in 1995, competition between the two groups peaked.
Later, as the two groups restructured their core businesses, the competitive landscape temporarily calmed down. When Honorary Chairman Chung Ju-yung passed away in 2001, Samsung Chairman Lee Kun-hee visited the funeral hall to offer condolences, and later, Hyundai Motor Group Honorary Chairman Chung Mong-koo visited Samsung Group's guesthouse, Seungjiwon, as a token of gratitude, leading to a private meeting. However, in 2014, they competed again over the bidding for the old KEPCO site in Samseong-dong.
A business community official said, "Vice Chairman Lee and Chairman Chung, who are of similar age, are known to have a personal friendship to the extent that they contact each other," adding, "Since both value practicality, cooperation in future businesses is expected to continue."
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