By Yoon Ja-young
Staff Reporter
GS Group is expected to bolster its global business as a future growth engine following its recent acquisition of Ssangyong Corporation.
``It is difficult for the local market to become the basis for growth, due to the maturing of the industry and aging of society. Success should be reaped on the global market where giant players are competing with each other,'' said GS Group Chairman Huh Chang-soo at a meeting with group executives, Wednesday.
Around 150 executives, including CEOs of group subsidiaries, gathered at the quarterly meeting held at GS headquarters in Yeogsam-dong, southern Seoul.
``The ones without potential to succeed on the global market won't survive on the local market either,'' the chairman added.
Huh emphasized global business as the group's core growth engine. He cited ``choice, concentration and continuity'' as keywords.
``The competition is fierce and it involves risk. We have to compete with leading global players as well as local ones that are better acquainted with the local market and customers,'' Huh said.
He said the group has to make its choice and concentrate, adding ``We must get the best competitive edge in the market we target.''
The chairman also welcomed the executives of GS Global. The group recently bought Ssangyong Corporation, a general trading company set up by the now defunct Ssangyong Group, from Morgan Stanley Private Equity, which bought it from Ssangyong's creditors. GS Group then changed the name of its new subsidiary to GS Global.
``I sincerely welcome executives and staff members of GS Global. It has business experience in diverse parts of the world, on top of a good network and excellent human resources,'' he said, adding that he expects GS Global to play a big role in leading the group's globalization. He asked the group's other subsidiaries to find new business opportunities that will have a synergetic effect with the general trading company.
GS Global aims to go beyond trading and become a ``global business creator.'' The group expects GS Global to be the control tower of its overseas business.