Vice President Cho Hyun-sang, in charge of the Strategy Headquarters for Hyosung Group, hit the road to explore the Middle East for the group, accompanying President Park Geung-hye’s tour of the region that kicked off on March 1.
He is the third son of Chairman Cho Suk-rae.
The vice president has been working to spread the name of the group and extend its operation in the region. As a result, Hyosung Good Springs signed an MOU with SSEM, the largest power company in Saudi Arabia and Jamil, the pump supplier in the Arab nation, for cooperation in power plant equipment and pump supply.
The Korean company plans to market its products throughout the Middle East from its office in Riyadh, Saudi Arabia.
After signing the MOU, Vice President Cho said the electric market in the Middle East will be a core market for his company to grow as a supplier of electric power plant equipment and solutions. Hyosung has a strategy to focus on the Middle East as its core market for power plant equipment as the region’s need for power is expected to grow in step with the rapid expansion of infrastructure in the region, financed mostly by a bountiful reserve of oil and natural gas.
The company opened the office in Saudi last year. Soon after his arrival in Riyadh, Vice President Cho went to the branch to find out how it has been doing. He visited the office every day during his stay in Riyadh to see if the company’s strategy to sell its products in the region needs to be touched up or altered.
Hyosung has been named an outstanding company for climate change competitiveness in textile. The company received a plaque at an award ceremony for “Outstanding Companies for Climate Change Competitiveness” held in COEX. The ceremony took place in Seoul on Sept. 30.
Outstanding Companies for Climate Change Competitiveness are those among Korean firms that have especially showed outstanding responses to regulations on greenhouse gas emissions, as well as changes in the market environment.
The Korea Chamber of Commerce and Industry (KCCI) assessed Korean firms based on the Korea Climate Change Index. The KCCI has been selecting and announcing outstanding companies in each industry since 2008, and 361 companies were assessed this year, 14 of which were selected as outstanding companies.
Hyosung is expected to secure an additional 350,000 tons of annual reductions of greenhouse gases. It has beat the target every year since 2012. Early reductions that can be secured by Hyosung are approximately 500,000 tons, which is 37 percent of the 1.35 million tons of annual emissions.
On Oct. 17, 2014, Hyosung held the opening event for the 1st Goodwill Store Hyosung Branch, a social enterprise to create jobs for the disabled. Hyosung Vice President Jang Hyeong-Ok from Human Resources, Seoul deputy mayor Ki Dong-min, and Goodwill Store Hyosung’s honorary ambassador Yang Hak-seon (a national gymnast) participated in the event.
To establish the social enterprise, Goodwill Store combined donations, resource recycling and job creation for the disabled. The TFT was first formed in November 2012 and took one year to get off the ground, which included the construction of a 495m² store in Jeungsan-dong, Eunpyeong-gu. The store collected donations from Hyosung employees as well as all levels of the society. At the end of September, Hyosung signed an MOU with the Together Foundation (president Kim Woo-yong) on the foundation of a social enterprise, which was opened on October 17 as a result of a year’s efforts.
“I’m happy to see how Hyosung went beyond merely supporting social enterprises and established our own Goodwill Store Hyosung,” said Hyosung Vice President Jang. “We will make more efforts to increase donations and promote sale so that more disabled people can enjoy the opportunity to build their lives.”
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