Samsung Chairman Lee to meet new premier in China

Samsung Electronics Co. Chairman Jay Y. Lee arrived in Beijing on March 23 to review the chipmaker’s business in China, which is gradually recovering from the economic slump. 

The chairman will also meet leaders of global firms such as Apple Inc. and Pfizer Inc. in an economic forum hosted by the Chinese government, sources familiar with the matter said on Friday.

Lee’s last business trip to China was in May 2020 when he visited Samsung’s chip production plant in Xi'an. He will oversee the company’s affiliates and discuss business strategies with the executives in China, sources said.

The chipmaker’s business in China posted 35.63 trillion won ($27.3 billion) in 2022 revenue, down 21.8% on-year. The company is looking to an earnings rebound with China’s reopening from the pandemic restrictions.

Lee will join the government-backed China Development Forum between March 25 and 27, an annual event to discuss China’s international relations and economic policies, global health, tech and the environment with world-renowned business leaders, scholars, scientists and others.

The Samsung chairman will meet Lee Qiang, the new premier of the State Council of China from this month, and multinational company chiefs such as Apple CEO Tim Cook and Pfizer CEO Albert Bourla on March 27.

In April, Lee will accompany President Yoon Suk Yeol on his visit to the US and oversee Samsung’s chip production facilities under construction in Taylor, Texas.

Write to Jung-Soo Hwang and Hyun-Woo Kang at hjs@hankyung.com

Jihyun Kim edited this article.