Korean biz groups brace for challenges, innovation in 2023

Shin Dong-bin, Kim Seung-yeon, Chung Yong-jin, Sohn Kyung-shik, Choi Jung-woo, Han Jong-hee [Photos from each company]

South Korean major business groups will go bold in investing in new growth engines like future technologies with innovative minds that can meet all customers’ needs as they are bracing for a tough year in 2023 amid growing signs of an economic recession.

In their virtually delivered new year’s messages to employees, Samsung Electronics Vice Chairman Han Jong-hee and DS Division Head President Kyung Kye-Hyun said, “it is important to overcome the limits, with the lessons learned from the previous crises.”

Han emphasized the importance of developing innovative technologies and improving quality in a tough time and urged his employees to do their best in obtaining technological competitiveness by appealing to customers and giving them exclusive experiences.

Lotte Group Chairman Shin Dong-bin focused on change and innovation, asking his employees to “break the old ways.“ He added that ”self-innovation for survival represents both the essential source to growth and a spirit of courage,“ citing the quotes by Lotte Group founder Shin Kyuk-ho.

POSCO Group chairman Choi Jung-woo urged employees to focus on the future beyond the past saying that “the previous crises are no longer threats” referring to the damages caused by the last typhoon-hit last year. He reaffirmed the company’s commitment to investing new growth strategies for key businesses as part of the “2030 Growth Vision.”

Hanwha Group Chairman Kim Seung-yeon called for technological advances in the sector that only the company can and should do.

“Hanwha has fostered the defense and power generation industries with a sense of responsibility. Now it‘s time to achieve self-reliance in terms of those industries,” which represent the country’s backbone industries, he added.

Shinsegae Group Vice Chairman Chung Yong-jin stressed the importance of meeting customers’ needs that will lead to the group’s growth in his new year‘s message.

CJ Group Chairman Sohn Kyung-shik plans bold investments, as well as mergers and acquisitions, in key business areas such as entertainment, platforms, and wellness.

While waiting for a merger between Hanjin KAL and Asiana Airlines, Hanjin Group Chairman Cho Won-tae asked employees to determine customers’ needs to stay ahead and competitive. He asked employees to analyze customers‘ needs, including the destinations, timing for opening air travel, and services they want during the reopening.

LS Group Chairman Koo Ja-eun voiced eco-friendly strategies and vowed to double the asset to 50 trillion won ($39.5 billion) by 2030 with a 20 trillion won investment in the carbon-free electricity sector by 2030.