Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.
Hanwha eyes global leadership on 73rd anniversary
Hanhwa Group's headquarters in central Seoul / Courtesy of Hanhwa Group
By Lee Gyu-lee
Hanhwa Group Chairman Kim Seung-youn / Courtesy of Hanhwa Group
Hanwha Group marked its 73rd anniversary on Thursday, reaffirming its ambition to become a world-leading enterprise. Even after tripling its combined market value this year, Chairman Kim Seung-youn stressed that the group should not become complacent but continue to pursue bold innovation and technological excellence.
“Our goal now is to become a global leader,” the chairman said in his address to celebrate the anniversary. “We must embrace our responsibility as one of Korea’s leading corporations and take the lead in every field.”
Emphasizing the key factors for success like clear-eyed judgment on international dynamics, rapid networking and bold overseas expansion, Kim urged the company to build on Hanwha’s proven success and expertise in the shipbuilding and defense sectors throughout the entire organization.
The chairman also underscored the necessity of securing world-class proprietary technologies across the group’s major business areas, such as defense, shipbuilding, energy and machinery.
“For a latecomer to become a frontrunner, the key is to develop proprietary technologies,” he said, “To secure its future, Hanwha must achieve technological supremacy in key areas such as artificial intelligence (AI) defense systems, drone sensors and propulsion, advanced aircraft engines and high-efficiency renewable energy.”
He further urged employees to take the initiative to pioneer new paths, saying, “Only through fearless challenges and dedication can we reach the frontier of proprietary technology.”
Kim reflected on Hanwha’s growth from a company founded 73 years ago on the principle of contributing to the nation through business into a 100-trillion-won ($70.3 billion) enterprise that now plays a pivotal role in diplomatic negotiations. As of Sept. 30, the group’s market value nearly tripled compared to the start of the year, reaching 127 trillion won.
“We must completely abandon the habit of complacency,” he said. “The moment we grow comfortable with our elevated status and reputation and fall back on old practices is when a crisis begins.”
In his address, the chairman also reiterated that safety is the most fundamental source of competitiveness. During his visit to Hanwha TotalEnergies’ plant in South Chungcheong Province in June, he noted that safety is a strength that outweighs any technology or strategy and is the power behind sustainable growth.
He called for a cultural shift toward safety, encouraging employees to adopt uncompromising safety-first standards and to relentlessly enhance safety systems and procedures.
Following the Chuseok holiday, the group’s affiliates will host anniversary celebrations, including awards for long-serving employees, to commemorate its founding spirit.