Hanwha Group Chairman Kim Seung-youn asked each affiliate to focus on developing their core competency to lead future growth.

“The advent of the fourth industrial revolution is a big challenge and opportunity for us,” Kim said Monday. “Based on the long-term trend, such as a decrease in the production population, we should beef up our future competency with new technology, new business and new markets.”

The defense unit should aggressively expand in overseas markets while the chemical section should focus on securing high-value-added technologies beyond the conventional business products, according to Kim.

For the financial sector, Kim pointed out the current business model is difficult to grow further amid an aging population and new international accounting standards. He encouraged seeking next-generation growth engines based on digitalization, such as financial technology and big data.

As for the photovoltaic sector, Kim said the company should be equipped with an overwhelming technical advantage to solidify the leading position in the fiercely competitive global market.

By Park Ga-young (gypark@heraldcorp.com)