Business Leaders Depart for First Economic Delegation to China in Six Years... Chey Tae-won: "Will Seek Growth Opportunities"

On January 4, the heads of major conglomerates departed to accompany the economic delegation formed in conjunction with President Lee Jaemyung's state visit to China, which is scheduled for January 4 to 7.

This marks the first time in six years since 2019 that an economic delegation to China has been organized. Amid intensifying U.S.-China rivalry and growing concerns over supply chain risks, the delegation is expected to discuss key issues such as economic cooperation between Korea and China in core industries like semiconductors and batteries.

Chairman Chey Tae-won of SK Group (Chairman of the Korea Chamber of Commerce and Industry) is departing on the 4th through the Seoul Gimpo Business Aviation Center (SGBAC) in Gangseo-gu to accompany the economic delegation to China. Photo by Yonhap News

Chairman Chey stated at around 2:55 p.m. on January 4, before departing through the Seoul Gimpo Business Aviation Center (SGBAC) in Gangseo-gu, "I hope that the economic delegation to China, which is being organized for the first time in six years, will proceed smoothly and yield good results," when asked about his expectations for the trip.

When asked if he plans to discuss supply chain risks and other issues with Chinese companies, he replied, "I will do my best to find promising opportunities for growth." Earlier that day, Chairman Lee and Chairman Koo also entered the departure hall in the afternoon.

This delegation, led by Chairman Chey in his capacity as Chairman of the Korea Chamber of Commerce and Industry, includes Chairman Lee, Chairman Koo, Chairman Chung Euisun of Hyundai Motor Group, and around 200 business leaders. Chairman Huh Taesu of GS Group, Chairman Jang Inhwa of POSCO Group, Chairman Koo Ja-eun of LS Group, and Chairman Sohn Kyung-shik of CJ Group and the Korea Employers Federation are also reportedly part of the delegation.

Samsung Electronics Chairman Lee Jae-yong is departing through the Seoul Gimpo Business Aviation Center (SGBAC) in Gangseo-gu on the 4th to accompany the economic delegation to China. Photo by Yonhap News

This is the first time in over six years that the Korea Chamber of Commerce and Industry has organized an economic delegation to China, since the Korea-China-Japan summit hosted by former President Moon Jae-in in December 2019. During the visit, the delegation plans to attend the Korea-China Business Forum, sign economic cooperation memorandums of understanding (MOUs), and participate in one-on-one business meetings.

In particular, the delegation is expected to focus on seeking ways to strengthen economic cooperation with China, which serves as a major production base and key market for Korean companies in sectors such as semiconductors, batteries, and displays.

Samsung Electronics currently operates a NAND flash manufacturing plant in Xi'an and a semiconductor packaging plant in Suzhou, China. SK hynix runs a DRAM plant in Wuxi, a NAND packaging plant in Chongqing, and a NAND plant in Dalian.

Hyundai Motor and Kia also operate manufacturing plants in Beijing and Yancheng, respectively, while LG Energy Solution runs a plant in Nanjing.