High-ranking executives from major conglomerates are scheduled to undertake a unique collaborative journey to China in the beginning of January. This endeavor is aimed at revitalizing their supply chain relationship with the second-largest global economy.
The focus of the trip will be on critical sectors for strategic growth, including chips, batteries, and electric vehicles (EVs), according to industry sources.
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The executives from top South Korean companies such as Samsung, SK, LG, and Hyundai Motor are planning to enhance their existing business relationships with Chinese partners through their attendance at President Lee Jae Myung's upcoming visit to China.
A delegation of around 200 prominent business leaders will travel to Beijing as part of this business mission.
This upcoming business delegation to China, scheduled for December 2019, marks the first time in six years that a Korean group has ventured to China. The delegation will be spearheaded by Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry (KCCI).
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Korean executives are being entrusted with the responsibility of rejuvenating their collaborations with Chinese companies in the context of easing trade tensions between the United States and China. The business community in Korea continues to face significant vulnerability due to the prolonged trade conflict between the world's top two economies.
Samsung Electronics Executive Chairman Lee Jae-yong is poised to explore enhanced business collaborations in semiconductor technology and automotive entertainment systems with his Chinese counterparts during his upcoming trip to Beijing. In a recent engagement in March, Lee held discussions with Xiaomi Chairman Lei Jun at the company's automotive manufacturing facility in Beijing and explored opportunities for strategic alignment in vehicle electronic solutions during a meeting with BYD Chairman Wang Chuanfu.
Chey, who also holds the position of chairman at SK Group, will dedicate his efforts to the successful organization of the Korea-China business forum, which will coincide with Lee's scheduled meeting with Chinese President Xi Jinping.
It is widely anticipated that LG Group Chairman Koo Kwang-mo will participate in the delegation and explore potential collaborations with Chinese companies in order to address supply chain vulnerabilities in crucial business sectors like batteries. Hyundai Motor Group is currently focused on reviving its presence in the Chinese market.
Even though facing stiff competition from domestic electric vehicle manufacturers in China, Hyundai Motor Group is poised to experience a significant increase in sales in the region. Based on information provided by the automaker, it recorded sales of 12,016 vehicles in China in November, showing a notable 71.7 percent growth compared to the same period last year.
In October, the automotive manufacturer initiated sales of its Elexio all-electric SUV, specially crafted for the Chinese market. The introduction of this vehicle showcases Beijing Hyundai's revitalized dedication to expanding its footprint in the region.
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It is anticipated that Chung Euisun, the Executive Chair of Hyundai Motor Group, will engage in private discussions with key executives from prominent Chinese battery companies, such as CATL Chairman Robin Zeng, and other prominent figures within the Chinese automotive and battery sectors.