Choi Tae-won, Jang In-hwa, and Shin Dong-bin Accompany Yoon on Overseas Trip... Seeking Cooperation with 'Resource-Rich Countries'

Major Conglomerate Heads Accompany Economic Delegation
86 Organizations Including 65 Companies
Economic Leaders Such as Chey Tae-won and Yoon Jin-sik Also Participate
Discuss Cooperation with Resource-Rich Three Central Asian Countries

Heads of major conglomerates will accompany President Yoon Suk-yeol on his tour of three Central Asian countries (Turkmenistan, Kazakhstan, Uzbekistan) to explore market expansion and business cooperation opportunities.

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is delivering a congratulatory speech at the 22nd National Assembly Members Welcome Reception hosted by the Korea Chamber of Commerce and Industry, held on the 3rd at the Conrad Hotel in Yeouido, Seoul. Photo by the National Assembly Press Photographers Group

According to the business community on the 10th, Chey Tae-won, chairman of SK Group and the Korea Chamber of Commerce and Industry (KCCI), Jang In-hwa, chairman of POSCO Group, and Shin Dong-bin, chairman of Lotte Group, will join the economic delegation traveling with President Yoon. The economic delegation was formed by the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Chamber of Commerce and Industry, and the Korea International Trade Association, based on participation intentions from their member companies. A total of 86 related organizations, including 65 companies, are included. Heads of economic organizations such as Yoon Jin-sik, chairman of the Korea International Trade Association, will also accompany the delegation.

Chairman Chey is reported to be participating in the tour to support the companies traveling together as the head of KCCI and to address the issues facing SK Group. It is known that he will visit only Uzbekistan among the three Central Asian countries. Uzbekistan is a stage where various SK Group affiliates are active. SK Ecoplant is engaged in modernizing Uzbekistan’s eco-friendly energy resources. In this regard, in November 2021, SK Ecoplant signed a Memorandum of Understanding (MOU) with Uzbekistan’s Ministry of Foreign Investment and Trade at Lotte Hotel Seoul in Jung-gu, Seoul. SK Hynix has been cooperating by securing resources necessary for its semiconductor business after meeting with Baxtiyor Saidov, Uzbekistan’s Minister of Foreign Affairs, who visited Korea in September last year.

Jang In-hwa, who has been visiting management sites for 100 days since his inauguration, will also accompany the tour. Although this is his second overseas business trip since taking office, it is his first time joining a presidential overseas tour. Emphasizing continuous investment in steel and secondary battery materials businesses, Chairman Jang seeks to explore resource cooperation opportunities with Central Asian countries.

Jang In-hwa, Chairman of POSCO Group. [Image source=Yonhap News]

Shin Dong-bin, Chairman of Lotte Group

Chairman Shin Dong-bin will also join this tour. Shin participated six times in presidential tours last year to support efforts such as the Busan Expo bid. Central Asia is a resource-rich region, and for Lotte Group, it is particularly related to Lotte Chemical’s new industries. Additionally, Lotte Wellfood, an ice cream company, doubled its operating profit in the first quarter of this year compared to the same period last year, thanks to strong sales in Kazakhstan and other countries. Furthermore, the Lotte Scholarship Foundation continues to provide scholarships to descendants of Central Asian independence activists.

In this tour, companies focusing on key sectors such as energy, plants, and shipbuilding are expected to achieve significant results. Central Asia is gaining attention in the market as a foothold for entry into the Commonwealth of Independent States (CIS) and Europe, as well as a logistics hub. Turkmenistan is the world’s fourth-largest natural gas holder. During this tour, Korean companies are expected to discuss strengthening cooperation with Turkmenistan authorities in energy, plants, shipbuilding, and other fields. Kazakhstan is the largest country in terms of land area and economic scale among the five Central Asian countries, a friendly nation, an oil-producing country, and holds a high market share in key minerals. Uzbekistan is a country with which Korea has a special strategic partnership. President Yoon plans to focus on strengthening partnerships in critical mineral supply chains and supporting Korean companies in securing energy and infrastructure projects.