The total number of businessmen and high-level professional executives are expected to accompany President Moon Jae-in`s scheduled visit to China in the middle of this month. Companies participating in the China Economic Mission are expected to free up their gift baggage by improving investment conditions and strengthening cooperation in order to improve business conditions and find new opportunities.

According to the Korea Business Association and the Korea Chamber of Commerce and Industry and the Korea International Trade Association (KITA) on December 3, large companies have completed most applications for the economic delegation on or around the last day of the deadline. The number of executives and business executives who have visited the United States and Indonesia are expected to be accompanied by a large number of recent hiring promoters. Samsung Electronics will join the economic delegation for the first time after serving as vice chairman of the foreign cooperation department, Yoon. In Hyundai Motor Group, Vice Chairman Jeong Seon is likely to attend. Chung has been working hard to recover the local market recently, including visiting China.

Chey Tae-won, chairman of SK Group, who is in charge of on-site management to expand its core businesses such as semiconductors and batteries, and vice chairman Koo Bon-joon, who is in charge of group management, is expected to fly to China. In addition, Chairman Son Kyung-sik of CJ, Chairman of Han Yang, Chairman of Han Yang Corp., and Hanhwa Group vice chairman Kim Chang-bum, who are promoted this time, are likely to attend. Although POSCO has been interested in the presence of Kwon Oh-joon, who was excluded from the previous mission, Mr. In-hwan Oh, president of the steel business division instead of Kwon,

Meanwhile, it is a matter of concern that the business community will release a gift bag to China. First, Samsung Electronics has already announced that it will build a NAND flash memory semiconductor plant worth about KRW 8 trillion in Xi`an, the political homeland of China`s state president. SK has decided to invest W740bn for SK Innovation in China joint venture Jung-Hwan Chung, and may build a local battery joint venture if China sends a message to extend the coverage of battery subsidies for electric vehicles to foreign companies. SK Hynix is already making a complementary investment worth W95bn in Wuxi, China, which is already underway until next year.

LG Display plans to build an organic light emitting diode (OLED) plant in Guangzhou, China, by borrowing KRW 3.3 trillion from the local government. LG Chem also plans to expand its battery line in China. Hyundai Motor is expected to continue steadily expanding its investments in the Chinese market. Hyundai Motor is continuing to make steady investments, including the completion of the Chongqing plant in the second half of the year and the recent opening of a motor studio in Beijing. In addition, CJ Group is expected to increase its investment in restaurants such as CGV`s multiplex business and Toothoom & VIPS, following the expansion of CJ Korea Express`s China logistics business.

Meanwhile, the Chinese economic delegation is expected to be the largest in the history, with many middle-sized and medium-sized enterprises participating. Due to unconfirmed schedule and lack of initial information sharing, the number of applicants was only about 60 in Korea and 20 in trade associations by the 24th of last month, but the number of applicants is continuously increasing because inquiries and applications are continuing. A KCCI representative said, "This time, we are aiming for a large-scale mission.”


By Choi Yong SoonㆍPark Jong-ilㆍYang Ji-yoonㆍKim Yang-hyuk cys@


[ copyright ⓒ The Digitaltimes ]