Chinese Premier Li Qiang has extended an invitation to Samsung Chairman Jay Y. Lee, encouraging further investment from the Korean conglomerate in China. This overture, reported by state news agency Xinhua, comes as foreign businesses face increasing challenges navigating geopolitical uncertainties in the Chinese market.
The high-profile meeting in Seoul between China’s second highest-ranking official and the Samsung executive took place just before a summit involving Li, South Korean President Yoon Suk Yeol, and Japanese Prime Minister Fumio Kishida. This summit marks the first trilateral talks among these Asian neighbors in over four years.
Samsung Electronics has committed substantial resources to the Chinese market, investing $24 billion over the past six years, according to a company executive quoted in a November report by the state-run China Daily. However, the Korean tech giant faces mounting difficulties due to the ongoing U.S.-China tensions, particularly with Washington’s export controls aimed at restricting China’s access to advanced semiconductor technology.
Premier Li’s meeting with a Samsung executive reinforces his earlier comments during a bilateral discussion with President Yoon. In that meeting, Li encouraged more Korean businesses to invest in China and emphasized the importance of Sino-Korean cooperation in maintaining the stability of industrial supply chains.