25% of Samsung’s phone production this year is expected to come from outsourced sources
Before a landmark summit involving Chinese Premier Li, South Korean President Yoon Suk Yeol, and Japanese Prime Minister Fumio Kishida – the first trilateral talks between the Asian nations in over four years – a meeting occurred in Seoul between China’s second highest-ranking official and the Korean executive.
It’s reported that Samsung has poured $24 billion into the Chinese market in the last six years. However, the Korean tech giant has encountered mounting hurdles amidst escalating US-China tensions, particularly as it grapples with export restrictions imposed by Washington to restrict China’s access to advanced chips.
Li’s decision to meet with the Samsung executive reflects the sentiments expressed by the Chinese leader in a previous bilateral meeting with Yoon. During that encounter, he urged increased investment and business collaboration from Korean enterprises in China and called for cooperation between Seoul and Beijing to uphold the stability of industrial supply chains.
