By Jun Ji-hye
GS Group Chairman Huh Chang-soo called on executives of the group's affiliates to thoroughly identify and handle business risks in preparation for possibly prolonged export regulations imposed by Japan, Wednesday.
He made the remarks during a meeting with executives at a time when the nation is facing growing uncertainty. Japan announced on July 1 it would to strengthen restrictions on the export to Korea of high-tech materials and chemicals used in manufacture of semiconductors and chips amid a worsening diplomatic row between the two nations.
Huh said the business environment has continued to worsen, with Tokyo's export control added to the risk of the U.S.-China trade war.
"It is necessary to accurately predict economic indicators and thoroughly manage risks," he said. "We need to be active in creating business opportunities and making preemptive investments to advance our business portfolio."
Huh stressed the importance of establishing a business structure that is not swayed by any external issues.
"We need to raise the competitiveness of our core businesses and sometimes need to make bold decisions to adjust less competitive businesses," he said.
He also called on the executives to continue investing in nurturing human resources as well as in research and development to develop the group's capacity for the future.
"It is necessary to improve our ways of working to better respond to any changes," he said, adding that "flexible organizational culture" will be able to enable a variety of people with various point of views and experiences to work together and create synergy.
GS Group Chairman Huh Chang-soo called on executives of the group's affiliates to thoroughly identify and handle business risks in preparation for possibly prolonged export regulations imposed by Japan, Wednesday.
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| GS Group Chairman Huh Chang-soo |
Huh said the business environment has continued to worsen, with Tokyo's export control added to the risk of the U.S.-China trade war.
"It is necessary to accurately predict economic indicators and thoroughly manage risks," he said. "We need to be active in creating business opportunities and making preemptive investments to advance our business portfolio."
Huh stressed the importance of establishing a business structure that is not swayed by any external issues.
"We need to raise the competitiveness of our core businesses and sometimes need to make bold decisions to adjust less competitive businesses," he said.
He also called on the executives to continue investing in nurturing human resources as well as in research and development to develop the group's capacity for the future.
"It is necessary to improve our ways of working to better respond to any changes," he said, adding that "flexible organizational culture" will be able to enable a variety of people with various point of views and experiences to work together and create synergy.
