Hanwha Group Chairman Kim Seung-youn. (Photos: Hanwha Group)

“Transferring crises into opportunities is in Hanwha’s DNA,” Hanwha Group Chairman Kim Seung-youn said. Chairman Kim made the remarks on Oct. 12 on the occasion of the company’s 69th anniversary.

Hanwha Group marked its 69th anniversary on Oct. 9. The group did not hold an anniversary event due to social distancing guidelines for the COVID-19 pandemic.

Each subsidiary held a separate event according to business or team levels, such as ceremonies to award long-term employed persons from Oct. 12 following a holiday.

In his commemorative speech made through an in-house broadcasting network, Chairman Kim said, “The current crisis situation has been routinized, and a huge swirl of changes stand before us again.”

Chairman Kim urged his executives and staff members to rise to the challenge in a new world with hope, not fear, through thorough preparations.

“It is necessary to have thoughts with a different perspective and change behaviors to move toward a more developed future,” he said.

Kim stressed innovation of business portfolio, digital transformation and sustainable management as buzzwords to spearhead a new paradigm.

In reality, despite of the pandemic, Hanwha Group is pursuing dynamic changes amidst attention from the market.

Hanwha Group has designated the aerospace industry as a future growth engine.

Hanwha has expanded the industry through R&D and M&As on top of the existing capabilities such as launchers, engines and satellites.

Hanwha Aerospace has produced and supplied engines for liquid-fuel rockets for the Korea Space Launch Vehicle-II (KSLV-2), also known as Nuri-ho, which is expected to launch in Oct. 21.

Hanwha has accelerated efforts to build a value chain in the hydrogen business to lead a shift into carbon neutrality.

The group is aggressively expanding digital solutions to lead future financing and new businesses. Hanwha Life Insurance has led industry changes by introducing “subscription insurance.” The company has been utilizing AI to conduct insurance and reviews and evaluations.

Chairman Kim called for accelerating digital transformation. Major subsidiaries of Hanwha Group have been automating repetitive work by introducing robot process automation (RPA) and pursuing digital transformation in the work environment by building work sharing and smart work system.

They are implementing digital innovation using AI and big data in all areas of management like the improving of digital-based processes of each business and optimizing of operation and expanding of no-face-to-face digital services.

Chairman Kim prioritized sustainable management above society’s demands.

“In order to become a centenary company, our guidelines should be standards for sustainable management,” he said.

Chairman Kim urged aggressive steps by the group and major subsidiaries ESG committees, which were inaugurated in the first half of this year.

He gave words of encouragement to his executives and staffers, saying, “The end of a long tunnel is not far away, and I expect us to exit the tunnel of the hard times safely if we make more efforts.”

Hanwha Group Headquarters in downtown Seoul.