New Year's Messages

 

The CEOs of major Korean corporations emphasized the importance of innovation with one voice in their New Year’s addresses on Jan. 4.

Samsung Electronics Vice Chairman Kwon Oh-hyeon, for example, said that the slow growth and uncertainties of the global economy are likely to linger on throughout this year, adding that innovative business models such as online to offline (O2O) and the economy of sharing are shifting the focus of global business from hardware toward software and platform. He asked his employees to build capabilities and systems with which Samsung can take the lead in the new era of competition.

Hyundai Motor Group Chairman Chung Mong-koo, in the meantime, expressed his will to lead technological innovation in the automobile industry. “This industry is in the face of a sea change, as it is increasingly combined with electronics, and the competition among global automakers is becoming more and more intense,” he said, continuing, “We need to further refine our competitive edge for the future in order to tide over adverse conditions and continue with our sustainable growth.” The Hyundai Motor Group is planning to sell 8.13 million vehicles this year, approximately 120,000 more than its 2015 sales volume.

SK Innovation CEO Jeong Chul-kil mentioned that continuous innovation for robust business structures and value and profit maximization is essential for business sustainability. “We will overhaul our business portfolios so as to evolve into a value-centered and advanced global player in the energy and chemical sectors while enhancing our responsible management based on principles and flexibility,” he said.

LG Group Chairman Koo Bon-moo made mention of LG’s own way that can be imitated by none. “For us to overcome the current crisis and proceed with our growth, we should be fully aware of how industrial structures change and how competition unfolds,” he remarked, adding, “Then, we will be able to take the lead in the global arena.”

Lotte Group Chairman Shin Dong-bin emphasized thorough self-reflection and efforts for innovation. “I believe that investment in R&D and innovation matter the most when it comes to our existing business, and customer analysis and risk management are the most important factors with regard to new business,” he explained.

Hyundai Heavy Industries Chairman Kwon Oh-kap suggested “Change Together” as his company’s slogan for this year. “Some time might be taken, but let’s start over in the fields we are good at,” he mentioned, continuing, “If we make efforts for changes on the site based on research and development, we will be able to attain our goal for this year, that is, 21.6396 trillion won in sales and US$19.5 billion in the amount of orders received.”

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