US Trip Lee Jae-yong "Plans to Meet Various Partners"... Likely to Focus on Semiconductor Investment and Vaccines (Update)

Departure to first destination Canada... Expected visit to AI Research Center
Subsequent inspection of US foundry plant candidate site and anticipated meeting with Moderna officials

Samsung Electronics Vice Chairman Lee Jae-yong is departing through the Gimpo Airport Business Aviation Center in Gangseo-gu on the 14th. Vice Chairman Lee is scheduled to visit Samsung Electronics' Artificial Intelligence (AI) research center in Canada, and then visit the United States to make the final decision on the site for a new foundry (semiconductor contract manufacturing) plant in the U.S. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Kim Heung-soon] Samsung Electronics Vice Chairman Lee Jae-yong embarked on a business trip to Canada and the United States on the 14th. Through this trip, he is expected to review the current status of artificial intelligence (AI), identified as a future priority business area, and address various issues including the selection of a new site for Samsung Electronics' U.S. foundry (semiconductor contract manufacturing) plant and COVID-19 vaccine supply.

Vice Chairman Lee departed for Canada around 8 a.m. from the Seoul Gimpo Business Aviation Center using a chartered plane. In Canada, his first destination, he is reported to visit Samsung Electronics' AI Research Center located in Toronto. AI is one of the future growth businesses that Lee has highlighted.

He is then expected to visit the United States to decide on the site for the U.S. foundry plant. Before departure, he stated, "I plan to meet with several U.S. partners." The leading candidate for the foundry plant, which Samsung Electronics plans to build with an investment of $17 billion (approximately 20 trillion KRW), is currently Taylor City in Texas. Austin, where the existing foundry plant is located, is also under consideration.

Regarding questions from reporters about whether he plans to meet with Moderna concerning vaccine supply during this trip, Lee said, "I think I will also go to Boston." Boston is home to Moderna's headquarters.

This overseas trip is Lee's first since his parole on August 13 and marks the resumption of his overseas management activities after 13 months since his visit to Vietnam in October last year. It is also his first trip to the U.S. in five years, since attending the Sun Valley Conference in July 2016.

At the time of Lee's parole, the Blue House stated, "In the midst of a severe crisis, especially in the semiconductor and vaccine sectors, many citizens are requesting parole with expectations for his role," and added, "We hope the public will understand this as a choice made for national interest." Accordingly, this trip appears to focus on resolving semiconductor investment and vaccine issues.

Since his parole, Lee has been attending trials every Thursday related to the Samsung C&T merger and allegations of accounting fraud at Samsung Biologics, which made overseas trips difficult. However, with no trial scheduled on the 18th due to the university entrance exam, it was anticipated that he would use this two-week gap to visit the U.S.

In the business community, this overseas trip is seen as an opportunity for Vice Chairman Lee to expand his management activities, accelerating the realization of the 'New Samsung' he envisions.

This content was produced with the assistance of AI translation services.