Chinese Premier Li Qiang, South Korean President Yoon Suk Yeol, and Japanese Prime Minister Fumio Kishida recently held a trilateral summit in South Korea to deepen economic, trade, and digital cooperation.
Notably, Li had a separate meeting with Samsung Group Chairman Lee Jae-yong. According to reports from ET News and Seoul Economic Daily, Yoon held bilateral talks with both Li and Kishida on May 26, 2024, underscoring the close cooperation between South Korea, China, and Japan.
Stabilizing the supply chain
Reuters reported Yoon's statement that the three leaders agreed to "build a transparent and predictable trade and supply chain environment," though specific details were not disclosed. In a subsequent business forum, the leaders reportedly committed to collaborate on supporting trade and stabilizing supply chains.
In his meeting with Premier Li, Yoon discussed the upcoming 10th anniversary of the South Korea-China Free Trade Agreement (FTA) in 2025, expressing hopes for a favorable investment environment for South Korean businesses, supply chain cooperation, and cultural exchanges. In discussions with Kishida, Yoon praised the resumption of shuttle diplomacy between South Korea and Japan in 2023 and addressed international issues such as trilateral cooperation with the US, the Indo-Pacific region, visa waivers, and climate change response.
Samsung in China
During Li's 40-minute private meeting with Samsung executives, the Samsung Chairman expressed gratitude for China's support to Samsung and its partners during the COVID-19 pandemic, which allowed the Samsung semiconductor plant in Xi'an to avoid shutdowns. Li, in turn, encouraged South Korean companies like Samsung to continue expanding their investments and collaboration in China.
Al Jazeera reported that during his meeting with Samsung Group Chairman Lee Jae-yong, Chinese Premier Li Qiang expressed a willingness to expand market access and improve the business environment. This, he stated, would ensure that foreign companies "can rest assured in their investment and development in China."
Industry analysts note that given the current US blockade against China, Samsung's role in advancing China's semiconductor and other high-tech manufacturing sectors is crucial. Samsung, facing a revenue decline in the Chinese market and already having a significant NAND Flash facility in Xi'an, is keen on expanding its sales in China.
The prospect of Samsung's further production upscale in China remains to be seen.
