LG Group Chairman Koo Kwang-mo (R) attends an LG CEO workshop held at the LG academy in Icheon, southeast of Seoul, on Sept. 24, 2019. (image: LG Group)
SEOUL, Sept. 26 (Korea Bizwire) — The heads of South Korea’s major conglomerates have recently called for a series of countermeasure strategies, labeling the situation of heightened uncertainty at home and abroad as an “unprecedented crisis.”
In particular, they say that such a crisis is not a matter to be resolved in a short period of time because it is not due to short-term negative factors.
But since there are structural changes in society underlying the crisis, it will take much longer to find the appropriate solutions.
LG Group Chairman Koo Kwang-mo diagnosed the nation’s economic situation as an “L-shaped recession” during a workshop of presidents presided over by the LG Academy in Icheon, Gyeonggi Province, Tuesday.
In other words, the country has entered a “low-growth” phase, not a repeat of the ups and downs as it experienced in the past.
Koo also stressed that the next few years will be an important time to determine Korea’s survival in a crisis in a way different from the one so far.
SK Group Chairman Chey Tae-won speaks at SK Night event in Washington D.C. on Sept. 19, 2019. (image: SK Group)
Meanwhile, SK Group Chairman Chey Tae-won said at the SK Night event held in Washington D.C. on Thursday that it was the first geopolitical crisis of its kind in the 20 years that he has been chairman.
“If we are entering a new world, I don’t think it’s going to end in a short time. So, if we go to this world, we will have to find a way to adapt,” Chey said.
“The geopolitical risks will continue over the next 30 years.”
Samsung Electronics Vice Chairman Lee Jae-yong is also calling for a strategic response by presenting “crisis theory” almost without exception in a series of field management moves recently.
Samsung Electronics Vice Chairman Lee Jae-yong (2nd from L) looks at a display product during a visit to Samsung Display Co.’s factory in Asan, about 100 kilometers south of Seoul, on Aug. 26, 2019. (image: Samsung Electronics)
Lee called an emergency meeting of the heads of Samsung Electronics affiliates early last month to discuss how to respond to Japan’s retaliatory trade measures, asking them to be vigilant, but not to be afraid and overcome the current crisis.
He also reiterated that “crises and opportunities are constantly repeated” and that “the company should speed up the development of new technologies to lead a new future” when he visited Samsung Display Co.’s factory in Asan, South Chungcheong Province.
“Because they are heads of global conglomerates, managing the business, they seem to emphasize preemptive crisis management,” a business source said.
“If the situation continues, their common perception is that they can fall behind the global competition.”
D. M. Park (dmpark@koreabizwire.com)
