GS Group chairman Huh Chang-soo stressed the significance of original technology and mutual growth with suppliers on Tuesday during his visit to a GS Caltex lubricants plant in Incheon, Gyeonggi Province.
“GS has been showing a strong performance overseas with its solid base in the domestic market. I believe we can become a leading global firm if we secure original technologies with which we can compete with competitors,” Huh said.
The chairman also addressed the importance for the group to pursue co-prosperity with its suppliers.
“Achieving mutual growth with small and medium firms is imperative for our sustainable growth. We have to provide them with practical, continuous assistance,” he said.
GS Group chairman Huh Chang-soo (center) looks around a GS Caltex lubricants production plant in Incheon, Gyeonggi Province, Tuesday. (GS Group)
GS Caltex, the country’s second-largest oil refiner, has been stepping up efforts to bolster its lubricants business over the past few years.
The firm’s Incheon plant is a base for exports to overseas markets including China, India and Russia, it said.
GS Caltex exported lubricants worth $800 million last year, which accounted for around 75 percent of total sales in the sector.
The facility produces lubricants out of raw materials received from the firm’s biggest production complex in Yeosu, South Jeolla Province.
The head of the energy and retail giant recently took office as chairman of the Federation of Korean Industries, the nation’s largest business organization.
Huh has the challenge of mending ties between the administration and large businesses which have been soured by the government’s recent drives to cut consumer prices, restrict large firms’ market dominance and pressure conglomerates to share more profits with small suppliers.
By Koh Young-aah (email@example.com