Lee Jae-yong: "Italy Is a Special Country for Samsung"... Ferrari: "A Market That Inspires Korea"

     [Financial News, Rome (Italy) = Reporter Choi Jong-geun]President Lee Jae-myung has moved quickly to combine summit diplomacy with economic diplomacy during his state visit to Italy, seeking to expand industrial cooperation between the two countries. After holding a summit with Italian Prime Minister Giorgia Meloni on the 12th local time, Lee attended a business roundtable with more than 40 business leaders from both countries. They discussed cooperation in advanced industries such as artificial intelligence (AI), semiconductors and aerospace, as well as promising future consumer sectors including beauty.
In a briefing at the Korea Press Center in Rome, Kim Yong-beom, chief of staff for policy at Cheong Wa Dae, said, "At the roundtable, participants agreed that the cooperative relationship between Korea and Italy needs a new leap forward in the era of the AI revolution and supply chain restructuring." He added, "In particular, they explored new possibilities for cooperation in aerospace, AI, semiconductors and other advanced industries, energy and infrastructure such as eco-friendly fuels, and promising future consumer sectors including bio, beauty and food."
Lee Jae-yong, chairman of Samsung Electronics, said, "Italy is a special country for Samsung," adding, "The Milan furniture fair and other events have been an amazing source of inspiration, and Samsung's chief design officer is also from Italy." He said that if Italy, a science powerhouse, and Korea, a leader in technological innovation, join forces, cooperation could expand across a wide range of advanced industries.
Sung Kim, president of Hyundai Motor Company, noted that cooperation between the two countries, which began with design collaboration on the first independent model, the Pony, is now developing into strategic cooperation in future mobility and electrification.
Choi Soo-yeon, CEO of NAVER, said that NAVER shares Italy's goal of building an independent AI ecosystem and plans to contribute to the development of Italy's digital ecosystem based on AI and digital platforms.
Kim Jong-chul, president of Korea Aerospace Industries (KAI), said that Korea has received great help from Italy, a major aerospace power. He added, "We have jointly participated with Italian companies such as TASI in areas including reconnaissance satellite development, and we will move beyond a simple contractual relationship to become partners in joint research and global market expansion. In this process, we also asked the Italian government for cooperation, including swift export approvals, so that the supply of key components can proceed smoothly," Kim said.
Koo Ja-eun, chairman of LS Group, said that after acquiring a local Italian company, the group has been supplying core transformer materials to Europe. He added that LS recently established an R&D Center in Milan and is expanding its technology partnership with Italy. He said, "We will work to achieve tangible results in the power infrastructure sector with Italy, which has importance as a Mediterranean hub connecting North Africa and Europe."
Cho Hyun-joon, chairman of Hyosung Group, said, "Hyosung sees many similarities between Italy and Korea," and introduced examples of cooperation with various Italian companies in fashion and finance. He stressed that the company will continue to expand cooperation in areas such as eco-friendly materials and energy infrastructure to contribute to the economic development of both countries.
Kim Jung-soo, chairman of Samyang Foods, said, "Italy is a country that loves food and the birthplace of pasta," adding, "Korean ramen and Italian pasta products could cooperate through joint research and development to improve taste and quality."
Italian companies also expressed hope for expanded cooperation with Korean firms.
Ferrari CEO Benedetto Vigna said, "Korea is a market that constantly inspires us and a country that feels like home," adding, "Beyond our traditional luxury car business, we hope to work with Korea on electrification and digitalization through joint research and development."
Defense and shipbuilding company Fincantieri said it hopes to cooperate with Korea in areas such as cruise ships, warships, submarine support systems, next-generation naval vessels and eco-friendly ships. KIKO Milano, Europe’s largest beauty company, also said it hopes to work with Korea by drawing on the country's successful K-beauty experience.
After the business roundtable ended, President Lee held an impromptu follow-up meeting with Korean business leaders only. Kim said, "The business leaders expressed gratitude for the fact that so many of them attended the state visit in person, making it possible to hold a substantive Korea-Italy business roundtable." He added, "They also came to better understand the importance of the potential for economic cooperation between Korea and Italy."
Meanwhile, the Korean side at the roundtable included Ryu Jin, chairman of the Federation of Korean Industries; Lee Jae-yong, chairman of Samsung Electronics; Koo Ja-eun, chairman of LS Group; Cho Hyun-joon, chairman of Hyosung Group; Kim Jung-soo, chairman of Samyang Foods; Sung Kim, president of Hyundai Motor Company; Kim Dong-choon, president of LG Chem; Choi Soo-yeon, CEO of NAVER; and Moon Jae-young, president of HD Construction Equipment. The Italian side included Marciai, vice chairman of the Italian Business Federation; Mazzotta, chairman of Fincantieri; Benedetto Vigna, CEO of Ferrari; Petracchini, chairman of Eni; and Simone Dominici, CEO of KIKO Milano.
cjk@fnnews.com Choi Jong-geun Reporter