What Kind of Place Is LG Science Park Visited by US Yellen and Chinese Li Zhanshu?

High-Level Foreign Officials' Successive Visits Draw Attention
LG Leading 'Digital Innovation'
The First Business Site Visited Since Chairman Koo Kwang-mo's Inauguration

A view of LG Science Park in Gangseo-gu, Seoul.
[Photo by LG Electronics]

[Asia Economy Reporter Han Ye-ju] The LG Science Park, the hub of LG Group's R&D (research and development), has been attracting attention as high-ranking foreign government officials continue to visit.

According to the business community on the 17th, Li Zhanshu (栗戰書), the third-ranked power figure in the Chinese Communist Party and Chairman of the Standing Committee of the National People's Congress (equivalent to the Speaker of the National Assembly), who is currently visiting Korea, visited LG Science Park in Magok-dong, Gangseo-gu, Seoul, the previous morning. He toured the LG Innovation Gallery, viewing key LG Group products such as home appliances, robots, displays, and automotive components. It is reported that LG Vice Chairman Kwon Bong-seok guided Chairman Li and his delegation.

This visit to LG was arranged after Chairman Li's side expressed a desire to visit domestic large corporate research centers during their stay in Korea. Currently, LG Chem, LG Energy Solution, and LG Display have production facilities locally. Although LG has been gradually reducing its business in China since the THAAD incident in 2016, LG Energy Solution is the only company within the group expanding its business in China.

Earlier, in July, Janet Louise Yellen, the U.S. Secretary of the Treasury, also visited LG Science Park. Secretary Yellen toured the Sustainability Gallery, an exhibition space related to renewable energy such as electric vehicle batteries, and discussed cooperation plans with Shin Hak-cheol, Vice Chairman of LG Chem.

Three years ago, in October 2019, King Felipe VI of Spain visited LG Science Park and viewed products such as rollable TVs, autonomous driving solutions, and robots. In August of the same year, Abiy Ahmed, Prime Minister of Ethiopia, visited the site and toured the LG Innovation Gallery.

The reason foreign dignitaries visit LG Science Park is that it offers a comprehensive view of LG's key technologies. Science Park supports strengthening capabilities in digital transformation and AI fields and leads the group's 'digital innovation.' It serves as a hub for 'open innovation,' creating an innovation ecosystem that mutually benefits small and medium-sized enterprises and startups. More than 21,000 research personnel from eight affiliates?including Electronics, Display, Innotek, Chemicals, Hausys, Life Health, Uplus, and CNS?are based there, conducting convergence projects across different industries.

LG Science Park was also the first business site visited by Koo Kwang-mo, Chairman of LG Group, after his inauguration in June 2018. At that time, Chairman Koo emphasized, "Science Park will continue to grow in importance as an R&D mecca responsible for LG's future in the era of the Fourth Industrial Revolution."

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