Samsung has a lot of challenges to overcome. It's struggling in some of its key markets and all signs point to more pain in the near future. That's why the chairman and heir to the conglomerate Jay Y. Lee recently called on employees to adopt a “do or die” attitude in the faces of these monumental challenges.
Lee made his first trip to China in two years this week to attend a state-backed high-profile forum in Beijing that was also attended by nearly 80 global tech leaders. It's believed that Lee's visit was meant to solidify Samsung's position in the lucrative Chinese market as well as reinforce its supply chain amid evolving US trade policies.
Lee to focus on networking with other global business leaders
China's State Council organized this two-day China Development Forum which is attended by top global leaders from the likes of Apple. Qualcomm, Broadcom, SK Hynix, and Samsung Electronics. Lee last attended the CDF in 2023.
Despite US policies intended at putting pressure on China's tech industry, top tech leaders going all the way to China for a state-backed forum suggests that they don't view this as a zero-sum game, and would very much like to be involved in one of the world's most lucrative markets.
China isn't just a leading consumer market for Samusng, it's also a crucial manufacturing base for its legacy memory chips and home appliances. China has also become one of the largest buyers of Samsung chips, even more so than the US, with sales in China alone topping $44 billion in 2024.
Lee has been ramping up his network on the sidelines of the event, having met with Xiaomi CEO Lei Jun after seven years, and Qualcomm CEO Christiano Amon. It remains to be seen whether Lee will be among the select group of CEOs that are due to meet Chinese President Xi Jinping later this week.
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