GS Group, one of the top 10 conglomerates in Korea focusing on energy, construction and retail businesses, said Thursday it has finished hosting its fourth overseas CEO meeting in Indonesia on Wednesday and Thursday.
“During the CEO meeting, attendants visited business sites of the group’s affiliates in the emerging Indonesian market to better understand the market and to search for new business opportunities,” the group said in a press release.
High-ranking officials of the group who joined the meeting included GS Holdings Corp. vice chairman Suh Kyung-suk, GS Caltex vice chairman Huh Jin-soo, GS Energy vice chairman Rha Wan-bae and GS Engineering & Construction vice chairman Huh Myung-soo.
Group chairman Huh Chang-soo skipped the meeting as he had to lead the business delegation during President Park Geun-hye’s visit to Italy this week. Huh currently serves as chairman of the Federation of Korean Industries.
GS Group executives, including GS Holdings Corp. vice chairman Suh Kyung-suk (second from left) and GS Caltex vice chairman Huh Jin-soo (third from right), visit MNC GS Home Shopping in Indonesia on Wednesday in an effort to gain hands-on experience in one of the group’s target overseas markets. (GS Group)
GS Group has increased its presence in Indonesia through its core affiliates over the past few years as part of its globalization efforts.
In 2012, GS Home Shopping, the nation’s largest home shopping channel, entered the market, setting up MNC GS Home Shopping as a joint venture with Indonesia’s largest media group GMC.
“With the investments, the group’s retail arm has supported Korea’s small and mid-sized firms to expose their products to Indonesian consumers via the 24-hour shopping channel,” a group official said.
Infrastructure and energy are two other key sectors that GS Group has focused on for the market expansion in Indonesia.
GS E&C has proceeded with several construction projects, including a multipurpose shopping mall in Jakarta. GS Global, the trading unit, has imported natural resources and energy like wood pellets and biomass from Indonesia.
Industry watchers have forecast that GS Group, in the face of a saturating market at home, will further encourage affiliates to capitalize on their experience in the Chinese market so they can expand their reach into Southeast Asian countries.
By Seo Jee-yeon (email@example.com)