Samsung Electronics Chairman Lee Jae-yong visited China after nearly three years, flying to Beijing on a chartered plane to attend the 2023 annual meeting of the China Development Forum (CDF) from the 25th to the 27th of this month. This is Lee Jae-yong's second visit to China since he inspected Samsung's Xi'an semiconductor factory in May 2020.
Inspecting Samsung's Tianjin Factory
On the 24th, Lee Jae-yong inspected Tianjin Samsung Electric Co., Ltd., where he visited the Tianjin Multilayer Ceramic Chip Capacitor (MLCC) production line, which is set to be put into production in 2021. Samsung Electro-Mechanics Tianjin Plant and Busan Plant are the main production bases for Samsung to provide MLCC products to overseas markets. Apart from Samsung Electro-Mechanics' MLCC and camera module factories, Samsung Display's smartphone OLED module factory is also located in Tianjin, and Samsung SDI has also built a power battery production line for new energy vehicles in Tianjin.
Low-Key Visit
According to South Korea’s Asia Daily, Lee Jae-yong's visit to China was extremely low-key. When he arrived at the Diaoyutai State Guesthouse in Beijing to attend the forum, he simply said to the Korean media who had been there for a long time, “Is the weather in Beijing nice?”, without answering any questions.
The China Development Forum
Founded in 2000, the China Development Forum has developed into a major platform for China's foreign economic exchanges. Hosted by the Development Research Center of the State Council and organized by the China Development Research Foundation, the theme of the annual meeting is "Economic Recovery: Opportunity and Cooperation". More than 30 central ministerial leaders, more than 20 heads of central enterprises and central financial institutions, and more than 100 overseas people will attend the meeting.
Notable Attendees
Apart from Lee Jae-yong, Apple CEO Tim Cook and the heads of Siemens, Qualcomm, Corning, BMW, Mercedes-Benz, and Aramco also attended the meeting. The attendance of these high-profile individuals at the CDF annual meeting highlights the importance of China's economy in the global arena.
Implications of Lee Jae-yong's Visit
Lee Jae-yong's visit to China and inspection of Samsung's Tianjin factory signal Samsung's continued commitment to expanding its operations in China. Samsung has been operating in China for more than two decades and has established a significant presence in the country, with multiple factories and research and development centers. Additionally, Lee Jae-yong's attendance at the CDF annual meeting underscores Samsung's interest in contributing to China's economic development and its eagerness to cooperate with Chinese businesses and institutions.
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