Lee Jae-yong, the executive chairman of Samsung Electronics (Yonhap)
SEOUL, Sept. 5 (Korea Bizwire) – In a move signaling strengthening ties between South Korea and the United States, Lee Jae-yong, the executive chairman of Samsung Electronics, met with a delegation of U.S. senators and the U.S. Ambassador to South Korea, Philip Goldberg, to discuss ways to boost business cooperation between the two countries.
The meeting, which took place on September 4 at Seungjiwon, Samsung’s guesthouse in Seoul’s Hannam-dong district, included high-level executives from Samsung’s semiconductor division. Notably present was Kyung Kye-hyun, vice chairman and head of Samsung’s Device Solutions Division, which oversees the company’s semiconductor operations.
The U.S. delegation comprised seven senators: Bill Hagerty of Tennessee, John Thune of South Dakota, Dan Sullivan of Alaska, Eric Schmitt of Missouri, Katie Britt of Alabama, Chris Coons of Delaware, and Gary Peters of Michigan. Also in attendance was John Rim, CEO of Samsung Biologics.
Industry observers speculate that the U.S. senators likely used this opportunity to encourage Samsung to expand its investments in their respective states. Each senator’s home state offers unique advantages that could potentially attract Samsung’s business interests.
Tennessee, for instance, has already seen significant investment from LG, another South Korean tech giant. However, Samsung has primarily focused its U.S. investments in Texas, suggesting room for potential expansion in other states.
Senators from resource-rich states like South Dakota and Alaska may have highlighted their natural resource advantages as potential draws for Samsung’s investment. Meanwhile, representatives from Delaware, known for its strong manufacturing sector, and states like Michigan, Missouri, and Alabama, which offer affordable land and labor, might have emphasized these benefits to the Samsung leadership.
Professor Hur Joonyoung from the Department of Economics at Sogang University commented on the meeting, saying, “The home states of the visiting senators each have distinct characteristics and advantages, such as expansive factory sites, abundant resources, or proximity to large markets. It’s highly likely that they encouraged Samsung to increase its investments in the United States.”
M. H. Lee (mhlee@koreabizwire.com)
