A Reality Check
Samsung Electronics vice chairman Lee Jae-yong returned home on Nov. 24 from a business trip to North America for the first time in five years.
“I feel under heavy pressure after listening to the voices of our officials in the U.S. and seeing the harsh market realities in person,” Lee said, upon arriving at Gimpo Airport in Seoul. “It was a great trip as I could meet with old business partners and talk about the future.”
During his trip to the U.S., Samsung Electronics finalized its plan to build a US$17 billion foundry in Taylor, Texas. What Lee saw in the U.S. is not a rosy future for the planned foundry but the harsh reality surrounding the global semiconductor industry.
“I feel heavy pressure after listening to the desperate voices of our frontline officials and seeing the harsh realities of the market in person," Lee said. “I will tell you the rest of the story next time.”
Lee is scheduled to stand trial in connection with the merger between Samsung C&T and Cheil Industries at the Seoul Central District Court on Nov. 25.
Lee left Korea for an 11-day trip to the United States and Canada on Nov. 14. During his business trip, Lee met with leaders of global biotech and IT companies, including Microsoft, Google, Amazon, and Verizon, to discuss ways to cooperate in future businesses. He also met with Noubar Afeyan, co-founder and chairman of Moderna.