The Korea Industrial Complex Corp. (KICOX) is a government agency established in the 1960s with the goal of offering companies with a space for converging manpower, technology and capital and helping them secure land cheaper prices at an initial stage. Korean companies, which have nurtured a competitive edge at state-run industrial complexes, are increasingly turning to a global stage with their own technology as Korea has risen to a global top 10 economic power in 60 years.
KICOX held a ceremony to induct 50 companies to the Hall of Fame at the KICOX headquarters in Daegu on Nov. 8. They are noted for exploring global markets due in part to excellent innovative capabilities and demonstrating growth potential. The event takes place every year under KICOX’s scheme to nurture 300 innovative companies with a global competitive edge by 2020. The initiative was launched in 2014 when the KICOX marked the 50th anniversary of its founding. Fifty tenant companies of the state-run industrial complexes were inducted to the Hall of Fame in 2014, 2015, and 2016, respectively. In the first half of this year, 32 Hall of Famers were designated and the remaining 28 were designed in the second half of the year.
Unilok, a company which produces stainless valves for semiconductors, petrochemicals and nuclear power plants, is one of 50 companies that have made it on the list of 2016 Hall of Famers. Unilok President Yoo Myung-ho got a bitter lesson from cutting manpower in the course of restructuring in the wake of the 1998 Asian financial crisis. He recalled that the manpower cut, albeit it received from its immediate benefits, had also such adverse effects as a lack of skilled employees and insufficient technology capabilities, causing a hefty price tag of investments to make up for the losses. Making the most of the lesson, Unilok chose to innovate instead of restructure or cut manpower to overcome the global financial crisis in 2008-2009. The company saw sales surge to 30 billion won in three years after 2008. Unilok, which began to export $1 million in 2005, has grown into a company, which posted exports worth $10 million in 2012.
The designated global superstars receive a package of support tailored to meet their needs under the KICOX’s platform project to offer integrated support for corporate growth. The package of support ranges from assistance in their move into state-run industrial complexes and the right to access consulting services from KICOX’s Center for Supporting Corporate Growth. That access is available from the stage of establishment to the stage of supporting exports for overseas market exploration.
With the designation of the 2016 Hall of Famers, KICOX President Hwang Kyu-yeon has since taking office in September stressed the need to make more aggressive investments to introduce smart factories to help SMEs make preparations for the advent of the 4th Industrial Revolution.
“The KICOX will make its utmost to provide support differentiating itself from others so that tenant companies can do management activities under a better environment.” Hwang said.
KICOX to Make Industrial Complexes Prepare for 4th Industrial Revolution
Former Deputy Minister Hwang Kyu-yeon, of the Office of Industrial Creativity and Innovation at the Ministry of Trade, Industry and Energy (MOTIE), took the helm of the KICOX at the KICOX headquarters in Daegu on Sept. 12.
In his inaugural speech, KICOX President Hwang said, “KICOX’s role is getting more important than ever to ease the difficulties of the whole of the Korean industrial sector. KICOX will make our industrial complexes spearhead the 4th Industrial Revolution based on creativity and convergence, and they will be innovated as core spaces to lead the digital economy.” New KICOX President Hwang studied public administration at Hanyang University and obtained a master’s degree in economics at Carnegie Mellon University School of Public Policy & Management. He held such positions as director in overall capital goods and industry at the predecessor of the MOTIE, director in charge of local investments and site, and director general in charge of trade and deputy minister of the Office of Industrial Creativity and Innovation at the MOTIE.
Hwang is assessed as a prominent expert in industrial location for his involvement in the implementation of major projects related to industrial location, including ones designed to ramp competitiveness of industrial centers.
_KICOX 글로벌 선도기업 헌정식.JPG)
