'European Plan' Lee Jae-yong, Will He Leave During Chuseok?

Samsung Electronics Vice Chairman Lee Jae-yong May Travel During Chuseok Holiday
Could Use Global Network to Support Busan Expo Bid
Expected Destinations Include Europe, Including the UK, and the US
Business Community: "Companies Attracting Investment Have Strong Voices Locally"

Samsung Electronics Vice Chairman Lee Jae-yong departing through Seoul Gimpo Business Aviation Center on November 6, 2021, for a business trip to the Middle East, including the United Arab Emirates (UAE). Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Pyeonghwa] Lee Jae-yong, Vice Chairman of Samsung Electronics, who has been visiting affiliate business sites one after another to communicate with employees, is expected to embark on his first overseas business trip after his pardon and reinstatement, engaging in global on-site management. The destinations mentioned for Lee's trip include Europe, including the United Kingdom, and the United States. It is anticipated that he will visit local business sites while leveraging his strength in global networks to participate in the bid for the 2030 Busan World Expo (Busan Expo).

According to the business community on the 1st, it is widely expected that Lee will travel to Europe, including the UK, during this month's Chuseok holiday. Departure is likely right after attending the trial on the unfair merger charges between Samsung C&T and Cheil Industries on the 2nd of this month. Lee has been attending the trial once a week, making long-term overseas trips difficult, but due to the Chuseok holiday next week, there will be no trials for 12 days from the 2nd trial attendance until the 15th trial. Since Lee has often used holiday periods for overseas business trips, it is predicted that he may follow the same pattern this time as well.

The UK and Europe are cited as the business trip destinations. On the 30th of last month, Prime Minister Han Duck-soo said, "Vice Chairman Lee Jae-yong will travel to Europe close to Chuseok and visit several countries to carry out such (support for the bid) work." Some speculate that Lee may meet with the UK Prime Minister as a special envoy of the President. It is expected that after Liz Truss, the Foreign Secretary and a strong candidate for the next UK Prime Minister, takes office on the 5th (local time), a meeting will be pursued.

A business community official said, "While diplomatic roles are important for winning the Busan Expo, the role of companies is significant, so Vice Chairman Lee can meet with high-ranking European officials to carry out promotional activities," adding, "Since companies invest locally and play various roles, their voices can carry weight."

In particular, the UK hosts Samsung Electronics' European headquarters, as well as an Artificial Intelligence (AI) research center in Cambridge and a European design research institute in London. After the passing of the late Chairman Lee Kun-hee in 2020, Lee Jae-yong emphasized the design sector by visiting a design strategy meeting as his first management move. AI is a field Lee has identified as a future core growth area. The fact that ARM, a fabless (semiconductor design) company often mentioned as a major M&A candidate for Samsung Electronics, is based in the UK is also a reason the UK is cited as a business trip destination.

There are also expectations in the business community that Lee may inspect the US and Latin America, including Europe, this month. The groundbreaking ceremony for Samsung Electronics' second foundry plant is taking place in Taylor, Texas, USA, and since Samsung Electronics has a factory in Mexico in Latin America, it is anticipated that Lee may visit to encourage employees and receive business reports.

A business community official said, "Ahead of his promotion to chairman, it seems Lee is trying to visit domestic and overseas sites to communicate with employees," adding, "Based on on-site voices and various opinions, he may announce a major organizational restructuring along with messages fitting Lee Jae-yong's 'New Samsung' vision."

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