Vice Chairman Lee in Europe
Samsung Electronics vice chairman Lee Jae-yong is staying in Munich, having meetings with automakers and semiconductor manufacturers to discuss business cooperation.
According to industry sources, the outcome of the meetings is expected to include a joint venture between Samsung SDI and a European automaker. “Last month, Samsung SDI and Stellantis agreed to set up a joint venture and build an EV battery plant in the United States at an investment of US$2.5 billion,” one of them said, adding, “It is said that another plant in Europe is being discussed during the business trip to Germany.”
The vice chairman is expected to visit Siemens and Infineon Technologies as well. Siemens and Samsung Electronics have been close partners for a long time. Infineon has been mentioned as a company that may be acquired by Samsung.
His next destinations include the Netherlands, Belgium, the United Kingdom and France. In the Netherlands, the vice chairman and Samsung Electronics executives are likely to visit ASML in order to purchase EUV lithography equipment. The vice chairman and ASML CEO Peter Wennink discussed the same matter in October 2020, too. Dutch Prime Minister Mark Rutte and the vice chairman may have a meeting in that South Korean President Yoon Seok-yeol and the prime minister recently promised to strengthen their cooperation in the semiconductor industry.
In Belgium, a meeting may take place between the vice chairman and European Commission or Parliament officials. The European Union is planning to invest 45 billion euros in its semiconductor sector until 2030 and they may discuss incentives for Samsung Electronics’ investment in the sector.