'Middle East Business Trip' Lee Jae-yong "Returning Thursday"... Likely to Explore New Business Opportunities (Comprehensive Report 2)

Withholding Answers to Questions About Visit Purpose

Samsung Electronics Vice Chairman Lee Jae-yong (center) is departing through Seoul Gimpo Business Aviation Center on the 6th for a business trip to the Middle East, including the United Arab Emirates (UAE). Vice Chairman Lee is known to visit the UAE and Saudi Arabia to restore the global network, check new trends, and explore new business opportunities. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Heung-soon] Samsung Electronics Vice Chairman Lee Jae-yong embarked on a business trip to the Middle East on the night of the 6th. On this four-day trip, he is expected to visit the United Arab Emirates (UAE) and other locations to restore the previously severed global network, inspect local businesses, and explore new business opportunities.

Vice Chairman Lee departed for the UAE around 10 p.m. through the Seoul Gimpo Business Aviation Center in Gangseo-gu, Seoul. He did not respond to questions about the purpose or plans of the trip. However, when asked if the schedule included a visit to Europe, he hinted that the trip was limited to the Middle East by saying, "I will return on Thursday (the 9th)."

This marks Lee's second overseas business trip in 12 days since his visit to the United States from the 14th to the 24th of last month, as he focuses on discovering future growth engines for Samsung and building a global network. Despite attending the trial for the Samsung C&T-Cheil Industries unfair merger and Samsung Biologics accounting fraud allegations held every Thursday at the Seoul Central District Court, he manages to handle current issues during recesses and other breaks. This week, due to circumstances on the defendant's side, the trial schedule was moved up to today, and after attending the trial until 7 p.m., he immediately boarded a flight to the Middle East.

In the business community, it is viewed that Vice Chairman Lee is personally taking the initiative to reduce dependence on oil through this Middle East trip, expand exchanges with Middle Eastern countries that are pursuing a new leap during the Fourth Industrial Revolution, and pioneer new markets. Cooperation plans with UAE companies in IT fields such as 5G are also expected to be discussed.

Vice Chairman Lee has continuously engaged with top leaders in the Middle East to secure Samsung's future growth engines. A representative example is his meeting with Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, UAE, in February 2019, where they discussed cooperation in information technology (IT), 5G, and other areas.

Additionally, in September of the same year, he visited construction sites in Saudi Arabia during the Chuseok holiday to encourage employees. At that time, Vice Chairman Lee met with Saudi Crown Prince and Deputy Prime Minister Mohammed bin Salman to discuss cooperation in various fields. On the 2nd of last month, Samsung C&T's construction division signed a Memorandum of Understanding (MOU) for comprehensive business cooperation with the Saudi Ministry of Investment (MISA), agreeing to closely collaborate in energy, urban development, and infrastructure sectors aligned with Saudi Arabia's national innovation strategy.

Vice Chairman Lee notably emphasized at the Samsung Presidents' Meeting in June 2019, "We must identify areas where Samsung can excel in future industries of Middle Eastern countries and prepare plans to strengthen cooperation to respond swiftly," adding, "To realize opportunities, we must break the existing framework."