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. Gu 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 Korean Economic Association in Rome on June 12 (local time). The event will also feature prominent business leaders from South Korea, including Gu, Cho, and Choi Soo-yeon, CEO of Naver.
President Lee Jae-myung, who is making a state visit to Italy, is expected to participate in the event. Following a Korea-Italy Business Forum held in Seoul last September, this meeting aims to discuss ways to enhance corporate exchanges and cooperation in Rome.
This visit is anticipated to strengthen practical European cooperation networks for South Korean companies beyond economic diplomacy. Italy is recognized for its strong manufacturing capabilities in sectors such as automotive, energy, aerospace, and design. Samsung Electronics is expected to enhance its collaboration in semiconductors, AI, and automotive electronics, while LS Group will focus on offshore wind and power equipment, and Hyosung will strengthen partnerships in petrochemicals and advanced materials.
Notably, Samsung Electronics is likely to expand its collaboration with Italian semiconductor company STMicroelectronics in automotive semiconductors. STMicroelectronics produces vehicle microcontroller units (MCUs) using Samsung's foundry processes, and demand for automotive and power semiconductors continues to rise with the growth of electric vehicles.
There are also discussions about potential collaborations in the automotive electronics sector. Italy is home to global automotive companies such as Ferrari, Maserati, and Stellantis. Observers suggest that Samsung subsidiary Harman's expertise in in-car infotainment, digital cockpit, and premium audio technology could lead to increased partnerships with local automakers.
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 exploring collaboration opportunities in energy security with Italian companies, as well as joint projects and supply chain cooperation in the active European offshore wind and power grid modernization markets.
Hyosung Group is also looking for opportunities 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 Hyosung's core material businesses, such as carbon fiber and spandex, with Italian manufacturers. Additionally, Hyosung is expected to strengthen its collaboration in the automotive sector based on its ties with Ferrari.
An industry insider remarked, "This Business Roundtable will be a platform to discuss practical cooperation between companies from both countries, and it will serve as an opportunity for South Korean firms, including Samsung Electronics, to discover new business prospects in the European market."
* This article has been translated by AI.
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