Four Korean Business Group Heads to Go to Poland in July

Major Korean business leaders, including the heads of the four major Korean conglomerates, are planning a group trip to Poland in July. They are expected to participate in an economic mission to commemorate the 35th anniversary of diplomatic ties between Korea and Poland and take the lead in expanding economic cooperation in the private sector.

Major Korean business leaders including Samsung Group Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun and LG Group Chairman Koo Kwang-mo are planning to participate in the economic mission to Poland from July 13-15.

Insiders of Korean business circles believe that the heads of the four major conglomerates are likely to participate in the mission. They have been taking on the role of economic diplomats at home and abroad this year. They accompanied President Yoon in his trip to the United Arab Emirates (UAE) and Davos, Switzerland in January, Japan in March and the United States in April. This month, they also traveled to Paris, France, and Hanoi, Vietnam, and have traveled together once a month this year.

However, SK Chairman Chey, who is also the chairman of the Korea Chamber of Commerce and Industry (KCCI), may not be able to participate in the economic mission to Poland according to some sources. Chey is scheduled to deliver an opening speech on the first day and a closing speech on the last day of the KCCI’s 46th Jeju Forum, which will run from July 12 through 15.

Poland is a big customer of Korea’s defense industry. The Eastern European nation purchased up to 20 trillion won (US$21 billion) worth of arms from Korea in 2022, including K2 tanks, K-9 self-propelled howitzers and FA-50 light attack aircraft. With South Korea running a 15-month trade deficit due to a sluggish Korean semiconductor industry, its main export, Korea’s increased defense exports to Poland was like a godsent rain during a long drought.

“In the first four months of the year, Korea posted a US$2.71 billion surplus in trade with Poland, making Poland one of Korea’s top five trade surplus countries,” said an insider of the Korean business community. “As bilateral relations are improving, we expect that economic cooperation in high-tech industries will grow beyond defense and nuclear power plants between Korea and Poland.”

The Polish economic mission will participate in the Korea-Poland Business Forum organized by the Federation of Korean Industries and the Polish Investment and Trade Agency. Participants from both sides will discuss strengthening cooperation in high-tech industries and new growth sectors and set up business networks. An MOU signing ceremony is also scheduled.