[Focus] Business heads make new year resolutions

"Crisis is an opportunity. Focus on profit-oriented management with an aggressive investment in core businesses for the future."

The topic of new year`s message by CEOs of Korea`s major business groups can be summarized as steady restructuring, world-class technological competitiveness and conquest of economic crisis.

Industry sources said that business leaders pledged to accelerate restructuring in anticipation of deteriorating economic condition while expanding investment in core business areas. Companies are paying closer attention to profit-oriented operation, shifting away from aggressive management strategy.

"We need to secure the world`s best capability in terms of technology and business management with a mind to continue restructuring," Lee Kun-Hee, chairman of Samsung Group, said at a ceremony Jan. 2 before nearly 700 executives in the metropolitan area.

Koo Bon-Moo, chairman of LG Group, stressed that his group would focus on securing cash, noting that LG has to improve cash flow for investment in core businesses while continuing restructuring efforts.

Kim Woon-Kyu, president of Hyundai Engineering & Construction, said at the opening ceremony of the year, where group chairman Chung Mong-Ku is absent, that the company has suffered from sluggish overseas orders due to liquidity problems and that Hyundai would focus on profit-oriented operation and crystal-clear management this year.

"With entry of more imported cars into the domestic market, coupled with economic slowdown of the U.S., it will be another tough year," Hyundai-Kia Group chairman Chung said. "But we`ll explore the export markets with a challenging spirit. This year, Hyundai will sell more than 3 million cars and become one of the world`s top five automakers."

Samsung chairman Lee also noted that his group would enhance its capability to increase the number of its world-class products from the current 12 to more than 30 by 2005. In addition, Samsung will boost the value of its brands and corporate quality to international standard, he added.

Sohn Kil-Seung, chairman of SK Group, which obtained the license for IMT-2000 business at the end of last year, said that his company would create a market through customer-oriented businesses, stressing that SK would consolidate its position as the global leader in information and telecommunications.

"2000 will be a year that POSCO is opening a new chapter as a private company," Yoo Sang-Boo, chairman of Pohang Iron & Steel, said. "We will secure a global competitiveness through responsible management and crystal-clear management to enhance the shareholders` value."