Samsung Executives Become 'Private Diplomats'... Will Lee Jae-yong Also Take to the Skies?

"Full-scale Effort to Host 'Busan Expo'... Expectations for Lee Jae-yong's Global Network"

Lee Jae-yong, Vice Chairman of Samsung Electronics, who was referred to prosecution on charges including accounting fraud and unfair merger, is attending the continuation of the first trial held at the Seoul Central District Court in Seocho-gu, Seoul on the 12th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Han Ye-ju] Samsung's executive team is making every effort to support the bid for the '2030 Busan World Expo,' taking on the role of private diplomats. Now, the business community's attention is focused on Samsung Electronics Vice Chairman Lee Jae-yong. Just as the late Samsung Electronics Chairman Lee Kun-hee actively participated in securing the Pyeongchang Winter Olympics, all eyes are on whether Vice Chairman Lee will take to the skies to meet key figures from various countries in person.

According to industry sources on the 28th, recently Park Hak-gyu, Head of Samsung Electronics' Management Support Office, visited Nepal and Cambodia to promote the Busan Expo bid.

The host city for the 2030 Expo will be decided by a secret ballot of 170 member countries at the International Bureau of Expositions (BIE) General Assembly next November. Since May, Samsung Electronics has been operating a task force of 30 to 40 members led by Vice Chairman Jung Hyun-ho to actively support the Busan Expo bid. They are also participating in the '2030 Busan World Expo Bid Support Private Committee,' which is based at the Korea Chamber of Commerce and Industry.

In particular, to counter Saudi Arabia, the biggest competitor in this bid, Samsung Electronics is appealing for support for the Busan Expo mainly in Southeast Asia and Latin America, regions where Saudi influence is relatively small.

In fact, on the 7th, No Tae-moon, President of the MX (Mobile Experience) Division, met with the Vietnamese Prime Minister in Hanoi to request support for the Busan Expo. Last month, Samsung Electronics held a Taekwondo tournament in Cambodia to promote the necessity of hosting the Busan Expo, and at the end of this month, some executives plan to visit Southeast Asia to request support for the Expo. On the 15th, Samsung Electro-Mechanics President Jang Deok-hyun also met with the Philippine Minister of Industry.

Samsung Electronics' support activities are also active in Latin America. On the 6th of last month, Han Jong-hee, Vice Chairman and Head of the DX (Device Experience) Division, met with the visiting foreign ministers of Mexico and Honduras to request support. From the 16th, Lee Jae-seung, President of the Home Appliance Division, visited three Latin American countries?El Salvador, Costa Rica, and the Dominican Republic?meeting with presidents and other key figures. On the same day, President No Tae-moon visited Panama and met with the First Lady and the Minister of Commerce and Industry.

So far, only about ten countries support the Busan Expo, while it is known that around 50 countries support Saudi Arabia, leveraging 'oil money.'

In response, some in the political and business circles have recently argued that the reinstated Vice Chairman Lee should be appointed as the 'Special Envoy for the Busan Expo President.' Due to ongoing trials and pardon issues, Vice Chairman Lee had to keep a low profile and, unlike other corporate leaders, was unable to directly participate in the Expo bid support.

Experts believe that Vice Chairman Lee's extensive global network could be beneficial for securing the Expo. It is reported that SK Group Chairman and Korea Chamber of Commerce and Industry Chairman Chey Tae-won, who co-chairs the Busan Expo joint bid committee, has requested Vice Chairman Lee to actively support the Busan Expo.

In 2009, Chairman Lee Kun-hee also devoted himself to securing the Pyeongchang Winter Olympics after receiving a special pardon, so whether Vice Chairman Lee will continue this legacy is a key point. It is known that Samsung Electronics Vice Chairman Lee Jae-yong receives daily reports on the progress of the Busan Expo bid.

An industry insider said, "Looking at countries that have hosted Expos in the past, it can bring enormous industrial and economic benefits," adding, "Since the bid activities started about a year later than Saudi Arabia, it is important for Samsung, a leading domestic company, and Vice Chairman Lee Jae-yong to play a role."

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