HD Hyundai Chairman Kwon Oh-gap urged employees across the group’s heavy industry affiliates to stay vigilant as protectionist policies intensify globally. However, he also emphasized the need to seize the newly-found opportunity to grow the shipbuilding business — the one sector U.S. President-elect Donald Trump has shown interest in strengthening partnerships with Korea.
“The world, starting with the United States, is building huge fences around themselves in the name of protecting their industries, and this trend will likely continue for a while. Given this situation, cooperation with the United States in the shipbuilding sector presents a new opportunity for us,” Kwon said in his New Year’s address, according to HD Hyundai on Tuesday.
Kwon then urged the group’s shipbuilding affiliates — HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Heavy Industries, HD Hyundai Samho and HD Hyundai Mipo — to develop innovative solutions in design, production and development to outpace Chinese rivals.
Chinese shipbuilders have gained market share through competitive pricing, so Korean companies must focus on producing cutting-edge vessels to outperform them, Kwon said, adding that “technological innovation” is key.
The company will continue investing in self-driving systems for ships, the digitization of shipyards and exploring opportunities for foreign investment and naval shipyard development, he said.
Kwon also stressed the importance of safety, remembering workers who died at HD Hyundai plants.
“Safety is the foundation of all production. I urge every company president to invest in safety, both in staffing and funds,” he said.
Source: Korea JoongAng Daily
