Business Leaders Return from China Trip... Seeking Korea-China Economic Cooperation

Choi Taewon, Lee Jaeyong, and Koo Kwangmo Return to Korea
Chung Euisun Heads to the US for CES
Business Forum Focuses on Economic Cooperation Between Korea and China

Choi Taewon, Chairman of SK Group, Lee Jaeyong, Chairman of Samsung Electronics, and Koo Kwangmo, Chairman of LG Group, who accompanied President Lee Jaemyung on his state visit to China as part of the economic delegation, have returned to Korea after completing their three-day, two-night schedule.

Choi Tae-won, Chairman of SK Group, is returning to Seoul through the Seoul Gimpo Business Aviation Center (SGBAC) in Gangseo-gu, Seoul, after completing a three-day, two-night business trip to China on the 6th. Photo by Yonhap News

According to the business community on the 7th, these business leaders returned to Korea the previous day through the Seoul Gimpo Business Aviation Center (SGBAC) in Gangseo-gu, Seoul.

Chairman Choi appeared at the arrival hall at around 8:35 p.m. the previous day. On January 4, he departed for China as the head of the economic delegation in his capacity as Chairman of the Korean Chamber of Commerce and Industry. On January 5, he attended the Korea-China Business Forum held at Diaoyutai in Beijing, China, among other events. This was the first time in six years that the Korean Chamber of Commerce and Industry organized an economic delegation to China, the last being in December 2019 during the Korea-China-Japan summit attended by former President Moon Jae-in.

It is reported that Chairman Lee and Chairman Koo returned quietly to Korea earlier than Chairman Choi. Chung Euisun, Chairman of Hyundai Motor Group, boarded a direct flight from China to the United States to attend 'CES 2026,' the world's largest electronics and IT exhibition, currently being held in Las Vegas.

The Korea-China Business Forum was the first major gathering of Korean and Chinese business leaders in about eight years since December 2017. From Korea, more than 200 businesspeople participated, including the leaders of the four major conglomerates: Chairman Choi, Chairman Lee, Chairman Koo, and Chairman Chung.

On the Chinese side, Li Dongsheng, Chairman of TCL Technology Group, a leading manufacturer of TVs, home appliances, and displays; Zeng Yuqun, Chairman of CATL, a manufacturer of lithium-ion batteries for electric vehicles and energy storage systems; Wang Jianyong, Chairman of the apparel company LANCY; Liu Yong, Vice Chairman of Tencent, a mobile messenger and gaming company; and Xu Ziyang, Chairman of ZTE, a telecommunications equipment and smartphone company, attended the forum and met with Korean business leaders.

In his opening remarks at the forum, Chairman Choi stated, "When discussing the direction of Korea-China relations, the phrase 'seeking common ground while reserving differences' is often used. I hope this event will serve as an opportunity for leading businesspeople from both countries to move beyond differences and find new avenues for growth together."

Samsung Electronics Chairman Lee Jae-yong (left), Hyundai Motor Group Chairman Chung Eui-sun, and LG Group Chairman Koo Kwang-mo are conversing at the Korea-China Business Forum held at Beijing's Diaoyutai State Guesthouse on the 5th, attended by President Lee Jae-myung. Photo by Yonhap News

Given the heightened supply chain risks amid the US-China power struggle, it is expected that the delegation explored ways for Korea and China to cooperate economically in key industries such as semiconductors and batteries through meetings with major Chinese business leaders.

Samsung Electronics operates a NAND flash production plant in Xi'an and a semiconductor back-end (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 each operate manufacturing plants in Beijing and Yancheng, while LG Energy Solution operates a plant in Nanjing.