Korean biz leaders stress change, growth in New Year speeches

From left SK Group Chairman Chey Tae-won, GS Group Chairman Huh Tae-soo, and Doosan Group Chairman Park Jeong-won.

The leaders of South Korea’s top conglomerates on Monday urged employees to focus on exploring new business ventures and future growth prospects amid uncertain business landscapes.

In his New Year address on Monday, SK Group Chairman Chey Tae-won emphasized the need for unwavering commitment coupled with an openness to change.

“Even amid rapidly changing geopolitical environments, many countries worldwide are striving to address issues like energy, climate crises, digitalization, diseases, and poverty, regardless of their strength or size,” Chey said. “If we can provide solutions, we will earn greater trust and create a sustainable cycle of coexistence and growth.”

Chey noted that SK Group is engaged in various businesses that can address human issues such as green energy, artificial intelligence (AI), digitalization, and bio-related initiatives. If the company consolidates its strengths and capabilities while actively collaborating with external entities, it will be able to create the total solutions that stakeholders require, he said.

GS Group Chairman Huh Tae-soo also labeled 2024 in his New Year speech as “the start of stagnation and the period requiring significant steps towards the future.”

Huh warned, “Changes in business environments such as interest rates, exchange rates, and geopolitical risks can signal more than mere difficulties; they can signify the onset of an economic downturn.” He urged a vigilant and emergency response.

Huh stressed the need to utilize the deteriorating business environment not defensively but as an opportunity to create new future ventures.

“Fundamental changes in business environments or new business opportunities often become more apparent in challenging times,” highlighting the time for GS, with its diligently prepared new businesses, to take significant strides forward.

Doosan Group Chairman Park Jeong-won underscored the importance of “challenges and innovation” in securing future growth drivers.

Park, in his New Year speech, anticipated increased uncertainty in the business environment this year due to inflation, high-interest rates, U.S.-China competition, and geopolitical crises.

“It is undoubtedly a time when efforts must be made to maintain stability, but the more uncertain the times, the more we need to think more intensely about the future,” he noted.

Park urged not to hesitate in investing for the future, saying, “Investment is a challenge for the future.”

He emphasized the need for bold execution ahead of competitors when determining the necessity of investment.