Large-Scale Economic Delegation Joins Korea-US Summit in Washington
Focus on Possible Announcement of Texas Semiconductor Plant Expansion by Samsung
Discussions Expected on Investment Cooperation in Batteries, Energy, and Logistics
Business leaders including Jay Y Lee, Chairman of Samsung Electronics, Tae-won Chey, Chairman of SK Group, Kwang-mo Koo, Chairman of LG Group, and Dong-kwan Kim, Vice Chairman of Hanwha Group, have departed for the United States to accompany the economic delegation for the Korea-US summit scheduled to take place in Washington, DC on the 25th (local time).
Chairman Lee arrived at the Seoul Gimpo Business Aviation Center (SGBAC) in Gangseo-gu, Seoul, at around 3:50 p.m. on the 24th. When asked by reporters about his resolve as part of the delegation visiting the US, he entered the departure hall with a slight smile. It is reported that Vice Chairman Hyun-ho Chung of the Business Support Task Force, Vice Chairman Sung-an Choi of Samsung Heavy Industries, and President Se-chul Oh of Samsung C&T accompanied Chairman Lee on this business trip.
Samsung Electronics Chairman Jay Y Lee is departing through the Seoul Gimpo Business Aviation Center (SGBAC) in Gangseo-gu, Seoul on the 24th to accompany the economic delegation at the Korea-US summit held in Washington DC, USA. Photo by Yonhap News
Industry insiders are paying close attention to whether Samsung Electronics will announce plans to expand its Taylor plant in Texas during this Korea-US summit. Samsung Electronics had previously committed to investing $17 billion (approximately 23.6 trillion won) in Taylor by 2030 to expand its semiconductor production base in the US, and last year increased its total investment in the US to $37 billion (51 trillion won).
Additionally, around the time of Chairman Lee's recent US trip, Samsung Electronics secured major supply contracts with Tesla and Apple. The company signed a foundry (semiconductor contract manufacturing) supply contract with Tesla worth nearly 23 trillion won, and also entered into an agreement with Apple for next-generation chip supply, further highlighting the need to expand its semiconductor plants in the US.
There is also speculation about additional investments in the battery sector. Samsung SDI is operating its first joint venture plant with Stellantis in Indiana as a key base, and aims to establish a second joint venture plant with Stellantis and a joint venture plant with GM by 2027. The company also plans to secure local production lines to respond to the rapidly growing energy storage system (ESS) market.
This delegation to the US includes Chairman Lee, as well as Tae-won Chey, Chairman of SK Group, Euisun Chung, Chairman of Hyundai Motor Group, and Kwang-mo Koo, Chairman of LG Group. Earlier, Chairman Chey departed for the US delegation around noon, stating, "I will do my best," followed by Vice Chairman Kim and Chairman Koo entering the departure hall as well.
Other members of the delegation include Won-tae Cho, Chairman of Hanjin Group, Ki-sun Chung, Senior Vice Chairman of HD Hyundai, Ji-won Park, Chairman of Doosan Enerbility, and Jung-jin Seo, Chairman of Celltrion Group. Tae-soo Huh, Chairman of GS Group, Ja-eun Koo, Chairman of LS Group, Yoon-bum Choi, Chairman of Korea Zinc, and Soo-yeon Choi, CEO of Naver, are also listed as members of the delegation.
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