President Moon Urges Samsung and Hyundai Motor to Collaborate More Closely on Automotive Semiconductors (Comprehensive)

Meeting with CEOs of Youth Hope ON Participating Companies... President Moon Shows Interest in COVID-19 Vaccines, 6G, and More

[Asia Economy Reporter Ryu Jeong-min] On the 27th, President Moon Jae-in expressed his hope that Samsung Electronics and Hyundai Motor would cooperate more closely regarding automotive semiconductors during a luncheon meeting with representatives of companies participating in the Youth Hope On initiative.

Park Kyung-mi, the Blue House spokesperson, conveyed the details of the luncheon meeting during an afternoon briefing at the Chuncheon Press Center. The event was attended by the heads of six companies participating in Youth Hope On, including Lee Jae-yong, Vice Chairman of Samsung Electronics; Chung Eui-sun, Chairman of Hyundai Motor Group; Chey Tae-won, Chairman of SK Group; Koo Kwang-mo, Chairman of LG Group; Choi Jeong-woo, Chairman of POSCO Group; and Koo Hyun-mo, CEO of KT.

Spokesperson Park stated, "President Moon said it would be good if Samsung and Hyundai Motor cooperate more closely on automotive semiconductors." This remark came as President Moon congratulated Hyundai Motor on its electric vehicles winning multiple 'Car of the Year' awards in Europe.

Regarding this, Chairman Chung said, "The public has purchased many electric vehicles, and based on that, sales have significantly increased overseas, especially in Europe and the United States," adding, "To compete with foreign electric vehicles, we must compete through technology and service."

[Image source=Yonhap News]

President Moon showed interest in major economic issues, including automotive semiconductors. Exchanges of opinions continued between President Moon and the heads of large corporations on topics such as 6G, domestic COVID-19 vaccines, hydrogen reduction steelmaking, and automotive batteries.

Vice Chairman Lee Jae-yong said, "Communication infrastructure is as important as vaccines; communication and vaccines share similarities, so proactive investment is necessary to be able to use them effectively when needed," adding that preparations for 6G are also underway internally.

Additionally, Vice Chairman Lee emphasized, "Although the topic of the meeting, youth employment, is highly uncertain, industries such as vaccines and semiconductors also face significant uncertainties, and as new technologies continue to emerge, we will strive to establish a stronger safety net to keep up."

The mention of 6G arose when President Moon asked CEO Koo Hyun-mo about the status of research and development. CEO Koo explained, "Digital workforce to prepare for digital transformation is needed in all companies, but it is not easy to find highly skilled personnel, so KT is addressing this through internal workforce retraining."

[Image source=Yonhap News]

President Moon asked Chairman Chey Tae-won about SK Bioscience’s COVID-19 vaccine development and plans for domestic release. Chairman Chey said, "Currently in phase 3 trials, after which global approvals must be obtained. Since this is uncharted territory, we cannot specify a timeline, but we are encouraging commercialization as soon as possible."

He also stated, "The Novavax vaccine produced by SK Bioscience uses a synthetic antigen method similar to flu vaccines, and once approved by the Ministry of Food and Drug Safety, it can be immediately released and stably supplied domestically."

President Moon told Chairman Koo Kwang-mo that he had heard LG’s OLED TV and display business are thriving. Chairman Koo said, "A display department has been added to university contract departments, enabling a win-win situation for companies and youth, and we hope this will gradually expand."

Chairman Koo added, "Diversifying import sources of raw materials for batteries such as lithium and cobalt is important, and we are grateful that the government has opened avenues for stable supply through an MOU on critical minerals with Australia."

[Image source=Yonhap News]

President Moon showed interest in the commercialization of hydrogen reduction steelmaking to Chairman Choi Jeong-woo. Chairman Choi said, "We expect to begin full-scale production around 2040 after a demonstration plant starting in 2028," adding, "The Ministry of Trade, Industry and Energy is providing great support through R&D funding and exemption from preliminary feasibility studies."

President Moon said, "The era of coal is ending, and the era of hydrogen is coming," expressing hope that cooperation with Australia will be strengthened in the steelmaking sector through co-firing methods using hydrogen and ammonia.

Meanwhile, the Blue House luncheon meeting mainly covered youth employment and economic issues, with no mention of corporate pardons.

A senior Blue House official explained, "There was no discussion about a pardon for Vice Chairman Lee Jae-yong," adding, "This was an occasion to express gratitude by inviting business leaders who share the will to solve the youth employment problem, which has been further aggravated by the COVID-19 situation."

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