By Ryu Jin
Staff Reporter
Major chaebol groups set forth their business plans for 2008, largely characterized by bold challenges and aggressive investments, amid high expectations for a better business environment under the Lee Myung-bak administration to be inaugurated in February.
Heads of chaebol, or family-controlled conglomerates, held ceremonies at their respective headquarters Wednesday to present goals and strategies for the New Year, though some of them went without fanfare.
Samsung Group, the country’s largest conglomerate, did not hold a ceremony hosted by Chairman Lee Kun-hee, as an independent counsel is set to launch a fresh probe into allegations that the group had set up slush funds and engaged in bribery.
``A group-wide business plan for this year won't be confirmed until the end of next month, when shareholder meetings are scheduled,’’ a group official said. ``For the time being, each affiliate will be operated with its own temporary business plans.’’
Other officials indicated that the group would invest about 2 trillion won more from last year’s 22.6 trillion won. Samsung Group poured 9.17 trillion won for investment in facilities and 8 trillion won for research and development (R&D).
Hyundai-Kia Automotive Group Chairman Chung Mong-koo laid an emphasis on an ``aggressive management,’’ suggesting a sales target of 118 trillion won (roughly $126.2 billion) at home and abroad, up 14.6 percent from last year’s sales.
``Let’s explore newly emerging markets by reinforcing our marketing capability,’’ he said in his New Year message. ``We should further improve our brand image and brand value through fortified marketing capabilities.’’
LG Group Chairman Koo Bon-moo stressed the customer-oriented management and creative organizational culture to lay the groundwork for the group’s future growth. LG Group plans to invest about 10 trillion won this year.
SK Group Chairman Chey Tae-won stressed the need for an even ``swifter change.’’ ``We’ve just laid the groundwork so far to get prepared for the future uncertainty in the global market,’’ he said. ``The year 2008 should be an important year for our future.’’
SK Group has already set its yearly investment at 8 trillion won, up 15 percent from last year, to achieve the target sales of 82 trillion won including exports of up to 30 trillion won.
Kumho Asiana Group Chairman Park Sam-koo said that his group would invest 2.92 trillion won this year for a sales target of 25 trillion won. Hanwha Group Chairman Kim Seung-yeon said that his group would double investment to 2 trillion won.
POSCO CEO Lee Ku-taek, GS Chairman Huh Chang-soo, Hanjin Group Chairman Cho Yang-ho and Hyosung Group Chairman Cho Suck-rai, among others, also presented their own business plans and strategies.