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Samsung boss may visit the US to boost semiconductor ties

Business
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Last updated: August 26th, 2022 at 11:38 UTC+02:00

The current administration in the United States has a stated goal of making the country a major player in the global semiconductor industry. To that end, billions of dollars have been earmarked for investment and collaboration with existing players.

As one of the leading semiconductor manufacturers, this provides incredible opportunities for Samsung. The company is already setting up a new $17 billion semiconductor plant in the United States. Reports from South Korea suggest that Samsung Electronics Vice Chairman Lee Jae-yong could soon visit the US to further boost semiconductor ties.

The US wants to prevent Chinese dominance in semiconductors

Lee Jae-yong, who was recently pardoned and can now return to full-time management of the conglomerate, is expected to visit the United States from September 9 to 12, reports from South Korea indicate. The purpose of the visit will be to enhance Samsung’s semiconductor ties with the country.

Following the grant of a pardon, Lee has gradually been expanding his management role now that there’s no bar on him returning to the top slot. With the autumn “Chuseok” holidays coming up in South Korea, Lee can utilize the period to make a crucial business trip overseas.

The moves that the US is making in the semiconductor industry may result in significant opportunities for Samsung. The United States is looking to set up the so-called “Chip 4,” a consultative body for the semiconductor supply chain that will help keep Chinese dominance of the market in check.

The US, South Korea, Japan, and Taiwan will participate in this body. The South Korean government has already announced its participation in Chip 4 earlier this month. It’s unknown at this point in time who Samsung Electronics Vice Chairman Lee Jae-yong will be meeting with during his US trip, but it will likely include top political and industry figures.

Business Lee Jae-yongUnited States
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