LS chairman stresses importance of R&D, innovation

By Baek Byung-yeul

LS Group Chairman Christopher Koo speaks during the group's LS T-Fair technology conference at LS Tower in Anyang, Gyeonggi Province, Monday. / Courtesy of LS Group

LS Group executives and researchers should be more actively engaged in research and development activities because they are the key to overcome the prolonged trade feud between Korean and Japan, Chairman Christopher Koo said Monday.

The conglomerate, specializing in electricity materials, held its annual LS T-Fair, an event that shares R&D activities of the group, at its headquarters in Anyang, Gyeonggi Province on Monday.

“While the trade dispute between Korea and Japan has been escalating, the key factor that can resolve the issue is R&D and innovation,” Koo said. “To be able to widen our lead with the competitors and be capable of producing high-priced products in our core businesses, we have to create more successful R&D cases.”

Citing Henry Ford's famous quotes “when everything seems to be going against you, remember that the airplane takes off against the wind, not with it,” Koo stressed the importance of being creative and energetic to quickly respond to the fast-changing business environment.

“Even though the business environment surrounding us is becoming increasingly challenging and emerging technologies such as artificial intelligence and fifth-generation network are impacting the industry, it is important for us to become more creative and energetic to make the company innovative,” the chairman said.

LS Group launched the T-Fair event in 2004 in order to encourage its employees' R&D efforts. The 15th event featured 400 executives and researchers.

Koo has revealed his vision for the group during the previous events. Since 2015, he urged the group to speed up their efforts to accomplish the digital transformation as it is the key factor that can change the entire business environment. He also emphasized the need to take the lead in emerging technologies such as AI, big data and digital printing technologies so that the group can successfully transform itself from a manufacturing company to a digital service one.