Samsung chief expected to attend funeral of Queen Elizabeth II

The Korea Times

The Korea Times

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Wed, September 27, 2023 | 23:49

Companies

Samsung chief expected to attend funeral of Queen Elizabeth II

Posted : 2022-09-18 15:02

Updated : 2022-09-19 16:01

Samsung Electronics Vice Chairman Lee Jae-yong / Yonhap

By Kim Hyun-bin

Samsung Electronics Vice Chairman Lee Jae-yong is in the United Kingdom (U.K.) and is expected to attend the funeral of Queen Elizabeth II, according to industry officials, Sunday.

Lee arrived in the U.K. and is known to be engaged in business activities at present. Initially, he was scheduled to meet with U.K. Prime Minister Liz Truss as a special envoy to the president and ask for cooperation in hosting the World Expo 2030 in Busan, but the scheduled meeting was postponed after the death of the Queen Elizabeth II.

Industry officials believe Lee will likely attend the funeral of the late queen accompanying President Yoon Suk-yeol, who is arriving in the U.K. Monday (local time).

Samsung Electronics established a U.K. sales company in 1984 and has maintained a special relationship with the British royal family.

The late queen delivered a congratulatory speech at the completion ceremony of Samsung Electronics' Wynyard Appliances Factory in England in 1995, greeting late Samsung Chairman Lee Kun-hee.

It was a very unusual occurrence for the queen to give an official speech at a foreign corporate event.

In 2006, Samsung Electronics was selected as the U.K.'s royal TV supplier, and now it is providing not only TVs but also household appliances such as refrigerators, washing machines, dishwashers, and air dressers.

In May of this year, Samsung Electronics also acquired the "Queen Royal Warrant," the most prestigious certification awarded by the British royal family in the field of home appliances.

Recently, attention is also focused on the acquisition of ARM, which accounts for more than 90 percent of the design-based application processor (AP) market. With the acquisition of ARM, Samsung will be able to secure the world's best semiconductor design and production technology.

Samsung Electronics has consistently revealed the possibility of large-scale acquisitions. Samsung Electronics Co-Vice Chairman Han Jong-hee recently attended IFA 2022 in Germany and mentioned that large-scale acquisitions "are in consideration to broadly secure future growth engines" and added that "a considerable part of it is in progress."

Meanwhile, Lee visited Mexico and Panama during the Chuseok holiday, inspecting local businesses and carrying out public relations activities to support the bid for World Expo 2030 to be hosted in Busan.

After completing the U.K. trip, Lee is expected to visit the U.S. and perform his last overseas schedule before attending his trial on Sept. 22. The vice chairman is expected to attend the groundbreaking ceremony for the second foundry plant being built in Taylor City in the U.S. state of Texas.

hyunbin@koreatimes.co.kr