Samsung Electronics Executive Chairman Lee Jae-yong, right, awards a silver medal to Kim Ji-han who earned a spot in mechatronics at the WorldSkills Competitions in Lyon, France, Sunday (local time). Courtesy of Samsung Electronics
The heads of Samsung, Hyundai Motor, SK and LG will accompany President Yoon Suk Yeol during his state visit to the Czech Republic to deepen their alliances in regard to nuclear energy and other major tech sectors, industry officials said Wednesday.
Yoon will embark on the four-day trip to the Central European country, Thursday, as part of his sales diplomacy efforts to finalize Korea's ongoing bid to secure a nuclear energy construction project there. As part of a 24 trillion won ($18 billion) project, a group of South Korea's state-run and private companies will construct two nuclear reactors in Dukovany.
Korea's business delegation includes Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Kwang-mo.
There is curiosity over whether the Samsung chief will be able to initiate a semiconductor partnership with the Czech Republic.
Lee attended the closing ceremony of WorldSkills Lyon 2024 in the French city, Sunday (local time). Samsung is the official sponsor of the biennial tech event.
“We will spare no efforts in supporting the sustainable growth of young tech talent, even if they do not attend college, as they are the key driving force for Korea,” Lee said.
He then flew to Poland and spent three days — until Wednesday — inspecting the firm's local research and production facilities. Lee is expected to fly to the Czech Republic from Poland to join the delegation.
An ariel view of Hyundai Motor Manufacturing Czech's facility in Nosovice / Courtesy of Hyundai Motor
Hyundai Motor Group has displayed a strong commitment to the European country by donating 600 million won to flood-hit areas there. The Czech Republic is the carmaker's largest manufacturing base in Europe. The firm's factory sold around 270,000 vehicles across Europe in 2008 when it first started its operations. The figure has soared to more than 530,000 annually.
Its manufacturing facility there was fundamental to the carmaker achieving its landmark sales performance in Europe. The company expects its accumulated sales in Europe to surpass 5 million by the end of 2025.
The factory will run a special donation website to encourage more of its workers to participate in the social campaign. The donation will go to a nonprofit organization. The carmaker has also offered five vehicles for relief activities in flood-stricken areas.
The head of the carmaker is expected to inspect the manufacturing base during his upcoming trip. There is also a possibility for him to expand the company's investment in the facility and widen the group's presence in the country.
Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, who is also the chairman of SK Group, will preside over a business forum co-hosted by the KCCI and its counterpart in the Czech Republic on Friday.
SK Group currently has no close business ties with the European nation, but it is open to the possibility of expanding its connections in promising tech sectors, such as batteries and energy.
The head of LG is also expected to seek future business opportunities there. LG Group has decades of experience operating its consumer electronics business in the Czech Republic, and the country is also sending repeated requests to LG Energy Solution for investments in a battery factory there.