World-class Products
Hyosung Corp. announced on Dec. 31 that nine of its products have been continuously selected as “World Class Products 2015” by the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA).
The company gained the World Class Products certification on two products – cool comfortable functional polyester thread and eco-friendly polyester microfiber – in the textile sector in 2002. Now it has certifications for a total of nine of its products after adding products from the industrial material, heavy industry and chemical sectors.
The other seven certified products are spandex thread, which is the company’s product with the largest share in the global market; polyester thread for seat belts; tire stiffener thread; polyester elastic thread; gas insulated switchgear; and polypropylene super-high pressure resin pipe for cold and hot water pipes.
Hyosung was the first private company to establish its own R&D institute in 1971, working to develop source technology as a new growth engine for industrial growth. It has paid off now with all these world-class products.
The World Class Products program is the result of a policy where Korea’s Ministry of Trade, Industry and Energy selects products that have over 5 percent global market share, a rank within the top 5 in their market, and have an international market worth over US$50 million (58.43 billion won), with exports of US$5 million (5.84 billion won) annually from 2001 in order to diversify and improve export items and expand power for exports in the future.
As of 2015, a total of 751 companies have World Class Products certification for 661 items. Also, the MOTIE and KOTRA re-examine qualifications for the certification every year and exclude items that fall short of meeting the requirements.