Samsung Chairman Lee Jae-yong's First Overseas Business Trip Destination After Inauguration: UAE

[Asia Economy Reporter Kwangho Lee] Samsung Electronics Chairman Lee Jae-yong is embarking on his first overseas business trip since his inauguration as chairman.

According to the business community on the 4th, Chairman Lee departed for Abu Dhabi, United Arab Emirates (UAE) on the same day. This is his first overseas trip since his inauguration on October 27. It is expected that Chairman Lee will meet with UAE President Mohamed bin Zayed Al Nahyan of Abu Dhabi.

Chairman Lee has maintained a good relationship with UAE leaders. Previously, he also took a 3-night, 4-day business trip to the UAE in December last year.

President Mohamed is known to have invited businesspeople and senior political figures to Abu Dhabi every winter since his time as Crown Prince, holding social gatherings combined with private forums. It is reported that Chairman Lee attended this forum during his trip last year.

Chairman Lee has continued his relationship since meeting then-Crown Prince Mohamed during a UAE trip in February 2019. President Mohamed visited Korea the same year and toured Samsung Electronics’ semiconductor production line at the Hwaseong plant.

At that time, Vice Chairman Lee is said to have discussed ways to strengthen cooperation in future industries such as 5G mobile communications, semiconductors, and artificial intelligence (AI) with President Mohamed. Chairman Lee also paid respects at the funeral of the late Sheikh Khalifa bin Zayed Al Nahyan, former UAE president who passed away in May this year. The late President Khalifa was President Mohamed’s brother.

The UAE has been pursuing the innovation project "UAE Vision 2021" since 2010 to reduce dependence on oil resources and prepare for the future. Additionally, aiming to become a global hub leading the Fourth Industrial Revolution, it established the "UAE Fourth Industrial Revolution Strategy" in September 2017. Attention is focused on what kind of synergy effects will be created with Samsung in the future.