GS Group Chariman Huh Chang-soo on Wednesday urged the executive board members to embrace “ethical business practices” and to better prepare for new business opportunities.

“Taking the anti-graft law enforcement as an opportunity, (we) should overhaul the level of precision management and step up ethical business,” Huh told the executive board members in the quarterly meeting. 

Since late September, the Improper Solicitation and Graft law has banned public servants, journalists and those working for private education institutions from giving for receiving free meals, presents or monetary gifts, respectively worth 30,000 won ($27), 50,000 won and 100,000 won or higher.

“We must keep in mind that no matter how good the performance is, if we fail in running an ethical business, we will lose the trust of the customers and society in a blink that would lead to a risk in the company’s existence.”

Huh also urged the high-ranking members to fully prepare in advance for any new chances.

“Although it is not easy to predict the future in the fast-changing environment transformed by innovative technology and new business models, (we) need entrepreneurship and insight that would allow us to quickly find hidden opportunities,” he added.

“Sustainable growth is only possible when balancing the preparation for the future and creating an outcome at present.”

Mentioning the CEO meeting held in Malaysia and Singapore last week, the chairman stressed the growing importance of the Southeast Asian market.

“The reason GS Group is paying attention to the Southeast Asian market is that it is recording a high annual growth rate of 6 to 7 percent amid the world’s low growth economy, and that the market potential is high as the population exceeds 600 million,” Huh said.

“In order to effectively enter the Southeast market, it is important to draw up long-term business strategies and prepare thoroughly for localization by understanding the regional culture well and securing high quality local human resources.”

By Lee Hyun-jeong (rene@heraldcorp.com)