Premier Li Qiang Urges Samsung To Invest More in China

Chinese Premier Li Qiang told Samsung Chairman Jay Y. Lee that China welcomed more investments by the Korean conglomerate, state news agency Xinhua reported, as foreign businesses in the Chinese market struggle to navigate geopolitical uncertainties, Eduardo Baptista reported for Reuters.

Samsung Electronics has invested $24 billion in the Chinese market in the past six years. I Photo: Faruk Pinjo, World Economic Forum

The meeting in Seoul between China's second highest-ranking official and the Korean executive took place ahead of a summit among Li, South Korean President Yoon Suk Yeol, and Japanese Prime Minister Fumio Kishida, the first three-way talks by the Asian neighbors in more than four years.

Samsung Electronics has invested $24 billion in the Chinese market in the past six years, a company executive was quoted as saying in a November report by state-run China Daily.

But the Korean tech giant has seen its business face growing challenges amid U.S.-China tensions as it navigates export controls Washington has rolled out to cut off China's access to cutting-edge chips.