Lee Jae-Yong, chairman of Samsung Electronics, is returning to Italy after four months to explore opportunities for expanding semiconductor and automotive electronics businesses in Europe. Ku Ja-Eun, chairman of LS Group, and Cho Hyun-Joon, chairman of Hyosung Group, will also visit Italy around the same time to target the European market for power equipment and advanced materials.
According to industry sources, Lee is scheduled to attend the Korea-Italy Business Roundtable, organized by the Korea Economic Association, on June 12 in Rome. Other prominent business leaders, including Ku, Cho, and Choi Soo-Young, CEO of Naver, are expected to participate.
South Korean President Lee Jae-Myung, who is making a state visit to Italy, is also anticipated to attend the event. This follows a Korea-Italy Business Forum held in Seoul last September, with discussions now shifting to Rome to strengthen corporate exchanges.
This visit is expected to enhance practical cooperation networks between South Korean companies and Europe beyond economic diplomacy. Italy is recognized for its strong manufacturing capabilities in sectors such as automotive, energy, aerospace, and design. Samsung Electronics aims to bolster its semiconductor, AI, and automotive electronics sectors, while LS Group focuses on offshore wind and power equipment, and Hyosung seeks to strengthen collaborations in petrochemicals and advanced materials.
Samsung is expected to expand its collaboration with Italian semiconductor firm STMicroelectronics in automotive semiconductors. STMicroelectronics produces vehicle microcontroller units (MCUs) using Samsung's foundry processes, with demand for automotive and power semiconductors continuing to rise alongside the growth of electric vehicles.
There are also prospects for collaboration in the automotive electronics sector. Italy hosts global automotive companies such as Ferrari, Maserati, and Stellantis. Observers suggest that Samsung's subsidiary Harman could enhance partnerships with local manufacturers based on its expertise in in-car infotainment, digital cockpit, and premium audio technologies.
LS Group is accelerating its efforts to penetrate the European power infrastructure market, focusing on power equipment, cables, energy storage systems (ESS), and smart grids. Italy is viewed as a 'Mediterranean energy hub' connecting energy resources from North Africa and inland Europe. LS Electric, LS Cable, and Superior Essex, which have already established a presence in Europe, are looking for collaboration opportunities in energy security with Italian firms, as well as joint projects and supply chain cooperation in the active European offshore wind and power grid modernization markets.
Hyosung Group is also seeking to expand its power equipment and advanced materials businesses. Hyosung Heavy Industries is pushing to increase exports of high-voltage transformers and power equipment in response to the growing demand for power grid expansion across Europe, and there is significant potential for collaboration in its core materials business, including carbon fiber and spandex, with Italian manufacturers. Additionally, Hyosung is expected to strengthen its partnerships in the automotive sector based on its ties with Ferrari.
An industry insider remarked, "This Business Roundtable will be an opportunity to discuss practical cooperation between companies from both countries, and it will serve as a chance for South Korean firms, including Samsung Electronics, to discover new business opportunities in the European market."
* This article has been translated by AI.
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