Lee Jae-yong Visits UK... Oversees European Sites in Crisis and Reviews M&A Plans

Mexico, Panama, and Other Latin American Countries Followed by UK Visit for Full-Scale Global Site Inspection

[Asia Economy Reporter Park Sun-mi] Lee Jae-yong, Vice Chairman of Samsung Electronics, is conducting crisis management for the European market and reviewing mergers and acquisitions (M&A) in London, UK, marking the start of a full-scale inspection of global business sites following his pardon. He is also expected to attend the funeral of Queen Elizabeth II scheduled for the 19th (local time).

According to business circles, Vice Chairman Lee has been staying in the UK since the 14th, inspecting local business sites and research centers, strengthening partnerships with British companies, reviewing M&A opportunities, and engaging in activities to attract the Busan Expo.

After visiting Samsung affiliates and Samsung Electronics business sites in Korea following the special pardon on Liberation Day last month, Vice Chairman Lee is now embarking on a full-scale global business site inspection, visiting the UK after stops in Mexico, Panama, and other Latin American countries during the Chuseok holiday.

Lee’s schedule in the UK is being conducted privately. However, since Samsung Electronics’ European headquarters is located in London, it is reported that Lee gathered heads of European regional subsidiaries in London to hold meetings and assess risks in the European market. Europe is a significant large consumer market for Samsung Electronics but is currently facing a consumption contraction crisis due to the simultaneous impacts of the Ukraine-Russia war, the spread of COVID-19, and inflation.

Lee previously visited the Samsung Electronics Europe Design Center in London and the global artificial intelligence (AI) research center located in Cambridge, touring the sites and encouraging local employees. Particularly, as Lee is interested in strengthening the AI business, he is reported to have engaged with British AI and software companies possessing technologies that Samsung Electronics does not have, reviewing potential M&A opportunities alongside the AI research center visit. There is also speculation about possible meetings related to the acquisition of ARM, a British fabless semiconductor design company currently up for sale.

The late Queen Elizabeth II of the United Kingdom and the late Chairman Lee Kun-hee attending the completion ceremony of the Samsung Samsung Electronics complex in Win Yard, UK, on October 13, 1995.

On the same day at 11 a.m. local time, Lee will attend the state funeral of Queen Elizabeth II held at Westminster Abbey in London. Approximately 2,000 people are expected to attend the funeral, including President Yoon Suk-yeol, heads of state and royalty from major countries such as the United States, and former and current British prime ministers.

The relationship between Samsung Electronics and the British royal family is close, as evidenced by Queen Elizabeth II’s direct attendance at the opening ceremony of the Samsung Electronics complex in Wynyard, UK, in October 1995.

Since 2006, Samsung Electronics has supplied the British royal family with home appliances such as TVs, refrigerators, and washing machines. In May, Samsung received the ‘Queen’s Royal Warrant’ certification, the highest grade of product and service evaluation certification from the royal family, for the first time in the home appliance sector. Lee, who is supporting the bid for the 2030 Busan World Expo as a special envoy of President Yoon, originally planned to meet with UK Prime Minister Liz Truss in London to request cooperation for the Expo bid, but revised his schedule to attend the Queen’s funeral following her passing.

After attending Queen Elizabeth’s funeral, Lee is expected to conclude his UK schedule and accompany President Yoon to the United States to attend the United Nations General Assembly. Business circles highly anticipate that during President Yoon’s visit to the US, Lee and Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry and SK Group, will provide strong support for the Busan Expo bid and the strengthening of Korean corporate activities.

This content was produced with the assistance of AI translation services.