Large Corporation Enters Management Strategy Meeting After Confirming Investment Exceeding 1,000 Trillion Won

Samsung Electronics Global Strategy Meeting at the End of Next Month

[Asia Economy Reporter Park Sun-mi] Following major domestic conglomerates such as Samsung Electronics, SK, and LG announcing investment plans exceeding 1,000 trillion won over the next five years, they will begin holding management strategy meetings next month, gathering CEOs of their affiliates.

According to the business community on the 30th, Samsung Electronics will hold a global strategy meeting at the end of next month, bringing together domestic and overseas executives and key officers. It is known that they will review the business conditions of each division and exchange opinions on new growth engines and business plans for the second half of the year. Responses to the Russia-Ukraine situation and prolonged lockdowns in Chinese cities, the status of the foundry plant in Taylor, Texas, USA, where groundwork is scheduled to begin next month, and efforts to achieve the System Semiconductor Vision 2030 goals are also expected to be discussed.

Samsung Electronics, which announced a 450 trillion won investment plan over five years, is officially launching its ‘New Samsung’ strategy. The investment amount will be concentrated in semiconductors, bio, and new growth IT sectors, which Samsung has identified as future growth areas. Samsung has identified three fields?fabless system semiconductors, foundry, and bio?as future growth industries expected to rapidly expand in market size in the post-COVID-19 era.

SK is also expected to hold an expanded management meeting next month.

Every June, SK Group Chairman Chey Tae-won and about 30 CEOs of group affiliates have gathered to discuss the group’s vision and management status. SK Group’s management philosophy, the ‘Financial Story,’ and ESG (Environmental, Social, and Governance) management cases are expected to be discussed. SK plans to invest 247 trillion won over the next five years in the so-called ‘BBC industries’?semiconductors (C), batteries (B), and bio (B). Of the total investment amount, domestic investment alone reaches 179 trillion won. SK’s investment funds are expected to be concentrated half in semiconductors, and since it is currently promoting the establishment of a semiconductor cluster in Yongin, discussions related to this are also anticipated.

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, Chung Eui-sun, Chairman of Hyundai Motor Company, Son Kyung-sik, Chairman of the Korea Employers Federation, and other attendees are participating in the New Entrepreneurship Declaration Ceremony held on the morning of the 24th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

LG Chairman Koo Kwang-mo will begin a series of strategic briefing sessions starting with LG Electronics’ HE Business Division, lasting about a month. LG stated that regarding this strategic briefing schedule, Chairman Koo and the management of affiliates will discuss mid- to long-term business strategies including business, technology, and customer portfolios, and it will be an opportunity to deeply examine future preparations at the group level.

In particular, LG plans to thoroughly review strategic directions at this year’s briefing and deeply discuss ways to enhance execution capabilities for future preparations based on customer value. Also, even if overseas investments increase to respond to global supply chains in the future, a significant portion of the total investment amount will be invested domestically, forming a consensus within the group that Korea’s status as LG Group’s cutting-edge high value-added product production base and core R&D base must be maintained. Prior to the strategic briefing, LG collected investment and recruitment plans for the next five years from each affiliate and decided to invest 106 trillion won domestically by 2026.

Hyundai Motor and Kia are reported to hold a meeting of overseas subsidiary heads around July to re-examine market-specific strategies and global strategies. This meeting, chaired by each company’s CEO, will be attended by regional headquarters heads as well as sales and production subsidiary heads.

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