[EXCLUSIVE] Korea's top magnates to accompany Yoon to New York: Sources

Home > Business > Industry

[EXCLUSIVE] Korea's top magnates to accompany Yoon to New York: Sources

Published: 10 Sep. 2023, 18:00 Updated: 10 Sep. 2023, 18:25

SARAH CHEA
chea.sarah@joongang.co.kr

The 77th United Nations (UN) General Assembly held in September 2022 in New York City. [AFP/YONHAP]

Top Korean business leaders including SK Inc. Chairman Chey Tae-won and Hyundai Motor Group Executive Chair Euisun Chung will accompany President Yoon Suk Yeol during his expected visit to New York to attend the United Nations General Assembly later this month.

The purpose of the visit might concern each group's business expansion in the U.S. and promoting Busan's bid to host the World Expo 2030, according to multiple sources with knowledge of the matter.

"SK's Chey will visit New York, possibly in his capacity as the chairman of the Korea Chamber of Commerce and Industry [KCCI,]" one of the sources said.

SK Inc. Chairman Chey Tae-won

Hyundai's Chung will also pay a visit, though "specific details on the schedules have not been decided," another source said.

Samsung Electronics Chairman Lee Jae-yong may also join the trip, though the matter is still in discussion, according to a Samsung Electronics executive, while LG Corp. declined to comment on whether Chairman Koo Kwang-mo will join.

"The final decision will likely be made later this week as the president and top officials are in Indonesia for the state summit," the executive said.

Hyundai Motor Group Executive Chair Euisun Chung

Business leaders rarely fly as a group to New York for the occasion of the UN General Assembly.

SK's Chey visited New York last year as the chairman of the KCCI, whereas the heads of Hyundai Motor, Samsung Electronics and LG Corp. didn't make a visit.

The annual meeting will be the last big international gathering before the final vote for the World Expo 2030 scheduled for Nov. 28.

Instead of organizing an economic mission, the chiefs will likely schedule meetings with international representatives in New York to promote Busan's Expo bid.

The UN General Assembly holds its annual regular session with 193 member nations to discuss and make decisions on major international issues and agendas such as peace and security. The first session was convened in 1946.

Most UN member states are also members of the Bureau International des Expositions (BIE), which votes for the host country of the World Expo.

Last year, SK's Chey invited around 10 ambassadors from countries including Zambia, the United States, Switzerland, Estonia and Israel to a luncheon meeting to ask for their support for Busan's bid.

The winning city will be finalized at the 173rd General Assembly of the BIE in Paris by a secret ballot of the organization's 179 member countries. Korea is competing with Saudi Arabia's Riyadh and Italy's Rome.

If a country fails to win two-thirds of the votes, the first and second-place finishers battle again in a second round of votes.

Last year, President Yoon attracted around $1.15 billion investment from seven U.S. and Canadian companies including California-based Applied Materials and Delaware-based DuPont during his visit to New York for the UN General Assembly.

BY SARAH CHEA,PARK EUN-JEE [chea.sarah@joongang.co.kr]