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LG, Hanwha chiefs to visit Poland with Yoon
89 Korean representatives make up president’s business delegationBy Kan Hyeong-woo
Published : July 10, 2023 - 15:58
LG Group Chairman Koo Kwang-mo and Hanwha Group Vice Chairman Kim Dong-kwan will head to Poland later this week as part of President Yoon Suk Yeol's business delegation, seeking to strengthen and expand Polish business partnerships.
Yoon on Monday embarked on a six-day trip to attend the North Atlantic Treaty Organization summit in Lithuania and is scheduled to visit Poland later in the week. Eighty-nine representatives will accompany Yoon during his Polish trip, according to the Federation of Korean Industries.
With this business trip, it is likely that the two conglomerates could announce new deals or investment plans in their respective secondary battery and defense systems industries.
LG Group operates eight different corporations in Poland, including LG Chem, LG Electronics and LG Energy Solution. LG Group’s total Polish output amounted to $12.7 billion last year, which took up 1.8 percent of Poland’s gross domestic product.
LG Energy Solution, Korea’s leading battery maker by global production capacity, saw its output from the Polish site surpass 10 trillion won for the first time last year. The Polish office continued its expansion of supply chain to major European automakers in the region. In October last year, Koo visited LG Energy Solutions’ Wroclaw battery plant.
The number of LG employees in Poland was estimated at around 6,000 as of June. LG affiliates including LG Electronics and LG Energy Solution plan to hire an additional 1,600 workers through 2027.
Hanwha's Kim is expected to advance relationships with Polish officials as the group looks to seek further business opportunities with the European country.
Of Hanwha’s $17.3 billion in defense exports last year, Poland accounted for $12.4 billion. The country, which shares a border with Ukraine, has been bolstering its defense capabilities with the ongoing war between Russia and Ukraine. Some of Poland's Hanwha purchases include the K9 self-propelled howitzers and K239 Chunmoo self-propelled multiple rocket launchers.
Yoon’s visit to Poland marks the first by a South Korean president in 14 years. Korea logged $7.85 billion in exports to Poland last year, more than doubling the figure in five years.
According to the FKI, other members of the business delegation include LS Group Chairman Koo Ja-eun and Daewoo Engineering & Construction Chairman Jung Won-ju. The leaders of Samsung, SK and Hyundai Motor, who accompanied the president to France and Vietnam last month, are not part of the business delegation.
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