New Future, Green Ssangyong
Kim Suk-joon, Chair-man & CEO of Ssangyong Engineering and Construction, said that the company showed strong performance, thanks to rapid recovery of domestic economy in 2009 in his speech on January 4, 2010. The company won orders worth more than one trillion won in domestic public construction, while overseas sales increased by 40%.
Kim forecast harsher competition in public construction projects while expecting a recovery in the private sector based on reconstruction and redevelopment in Seoul and Metropolitan areas in 2010. The oil price recovery in the Middle East and policies to boost the economy are expected to secure continued orders in the overseas market. However, Kim asked for an emergency management system based on cash flow due to concerns about a double dip and the possible exit strategies of the finance sector.
Kim said that the company’s slogan for this year, New Future, Green Ssangyong, would be backed by three aims; to secure liquidity, strengthen internal capacity, and explore new growth dynamics.
Regarding liquidity, Kim said that recouping of funds by financial institutions based on exit strategies should be a matter of concern while the company achieved financial stability thanks to advance payment from new overseas construction projects and smooth operation of public construction projects. Kim asked for consistent change and innovation according to market trends and customers’ needs for internal capacity building.
The CEO stressed that new growth dynamics, which include the exploration of new markets in Africa, green construction with themes of the Leadership in Energy and Environmental Design (LEED), Building Information Modeling (BIM), and low carbon, and environmental projects related to water management, must be put in place. Furthermore, Kim asked employees to prepare for new market exploration by using external professionals and setting up detailed business plans to reinforce brand value in Singapore, the model country of the UAE and the company’s core market.