Samsung Electronics Vice Chairman Lee Jae-yong will meet Saudi King
Samsung Electronics Vice Chairman Lee Jae-yong will meet Saudi King
  • Jung Se-jin
  • 승인 2018.10.12 11:44
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At the King's invitation, two sides expected to discuss bilateral business cooperation
Samsung Electronics Vice Chairman Lee Jae-yong (left), His Majesty King Salman bin Abdulaziz Al-Saud
Samsung Electronics Vice Chairman Lee Jae-yong (left), His Majesty King Salman bin Abdulaziz Al-Saud

Samsung Electronics Vice Chairman Lee Jae-yong will meet with King of Saudi Arabia Salman bin Abdulaziz Al Saud on Oct. 27 at the King's invitation, the NEWSIS reported in its latest issue.

The fact that Vice Chairman Lee was invited directly by the Saudi King, who is pursuing the vision of 2030, could serve as a chance to increase his global presence as the head of Samsung. At the invitation, Vice Chairman Lee will discuss ways of mutual cooperation between Samsung and Saudi Arabia.

According to the media, the Saudi government has taken Samsung Electronics as its partner in order to realize a blueprint for national development by reducing its dependence on oil by 2030 and fostering new industries.

Saudi Arabia's economic reform is led by Prince Mohammed bin Salman, the No. 1 heir to the throne. Saudi Arabia has set its goal of national economic innovation by announcing the "Vision 2030" in 2016 and reducing dependence on oil industries and changing its economic structure to state-of-the-art.

Attention is also focusing on whether the Saudi Arabia's project for two 1400 MW nuclear power plants, worth about 22 trillion won, will be discussed at the meeting.

Korea, the U.S., China, Russia and France have all been selected as preliminary business operators for the project. Korea Electric Power Corporation, Samsung C&T and other construction sectors formed a consortium, and are discussing it with the government.

Samsung Electronics is also trying to target Saudi Arabia with huge potential. Samsung Electronics has recently signed a contract to supply 3,500 units of the world`s first prototype system air conditioner to Saudi Arabia`s Riyadh Metro, the news agency reported.

"It is not confirmed whether we will meet Saudi Arabia's King or not," a Samsung source said.


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