Heads of the 4 Major Groups Met Again Last Month

In June last year, Chung Euisun, Vice Chairman of Hyundai Motor Company (left), and Koo Kwang-mo, Chairman of LG Group, met and shook hands on the 22nd at LG Chem's Ochang Plant in Cheongju, Chungbuk.

[Asia Economy Reporter Choi Dae-yeol] It was recently revealed that the heads of the four major conglomerates gathered last month at a restaurant in Seoul. As their meetings, where they discuss not only their individual businesses but also overall industry issues, have become regular, there is talk that this could have positive effects such as faster decision-making.

According to the business community, in late last month, Chung Eui-sun, Chairman of Hyundai Motor Group, invited Lee Jae-yong, Vice Chairman of Samsung Electronics, Chey Tae-won, Chairman of SK Group, and Koo Kwang-mo, Chairman of LG Group, to meet. They had previously met for meals together in September and November of last year. The November meeting was reportedly arranged by Chairman Chey Tae-won. While they have often met individually for business discussions in the past, gatherings with all of them together have become noticeably more frequent since the second half of last year.

With frequent alliances and mergers in the global industry, the heads of Korea’s leading companies meeting regularly to discuss business issues is expected to enable faster decisions and more in-depth discussions on sensitive matters. Collaboration across different industries is also likely to become easier. Although they compete in some areas, there are many fields where synergy can be created through cooperation. This is why the business community is paying close attention to these meetings. However, with Vice Chairman Lee Jae-yong being detained on the 18th, it seems unlikely that the meetings will continue in the near future.

In 2018, business leaders included in the special delegation for the inter-Korean summit attended a meeting with Ri Yong-nam, Vice Premier of the North Korean Cabinet, held at the People's Palace of Culture. From the left in the photo: Chey Tae-won, Chairman of SK Group; Lee Jae-yong, Vice Chairman of Samsung Electronics; Koo Kwang-mo, Chairman of LG Group. Photo by Pyongyang Joint Press Corps

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