GS Group chairman Huh Chang-soo called on group executives to go beyond developing new products and services as the group aims to become an “ultra first-rate” corporation.

Speaking at the executives meeting for the third quarter on Wednesday, Huh also said that corporations need to go beyond developing new products and services if they are to address current issues.

“The aim of management is bringing about innovations most needed by the customers, and an ultra first-rate company needs to aim for innovations that will complete a sustainable social system,” Huh said. He added that following the rapid industrialization of emerging countries, the world now requires the means to remove the adverse effects of rapid growth, and that corporations were positioned ideally for leading such changes, and that corporations should feel responsibility for such issues.

“Simply developing new products and services cannot be a solution, but large improvements in practices and cooperative structure with suppliers, customers and the public sector are needed.”

In his speech Huh also called on the group’s executives to closely monitor the activities of companies in developed nations regarding “sustainable value chain” and how they try to bring about shared-growth with small and medium-sized businesses.

By Choi He-suk (cheesuk@heraldcorp.com)