Korea’s conglomerates are busy mapping out contingency plans to cope with unfavorable scenarios due to by the eurozone fiscal crisis.

They, including Samsung Group, are set to diversify export destinations in a shift from their earlier focus on Europe and the United States.

Samsung Electronics, the flagship unit of Samsung Group, is closely monitoring the situation as more and more eurozone countries see poor consumer sentiment.

Though the 2012 London Olympic Games are scheduled to kick off in late July, the combined sales of global television manufacturers dropped by 16 percent in the European market during the first quarter, compared to the same period last year.

The European market accounts for more than 20 percent of Samsung Electronics’ total sales on average.

A spokesman said the company is considering making inroads into emerging markets such as countries in the Middle East and Africa.

Under its diversification business policy, a managing director in charge of Samsung Electronics’ sales operations in China has recently been promoted to a deputy chief executive.

The company also plans to hold a meeting, dubbed “Global Management Strategies,” on June 25-27 in Suwon, Gyeonggi Province. Chiefs of regional corporations will participate in the gathering.

LG Group predicted that the eurozone debt crisis could damage economies in the Middle East and Africa.

“Differentiated marketing would be a key factor in diversifying new export destinations,” a company spokesman said.

A Hyundai Motor Group executive stressed the importance of enhancing tailored-marketing in Europe.

While the automaker has been suffering persistent weak private consumption at home, it is struggling to avoid an additional slump in exports.

SK Group is also aggressive in tapping more overseas trade partners.

SK chairman Chey Tae-won has met with political and business leaders in Thailand, Turkey and Myanmar for joint resource development activities.

In Turkey, Chey signed a memorandum of understanding with Dogus Group, a Turkish conglomerate giant that covers a multiple of sectors including finance, energy, automotive and construction.

In Thailand, the chairman had a head-to-head meeting with Pailin Chuchottaworn, CEO of PTT Group, a leading state-run Thai energy firm.

The two companies agreed to jointly create a $500 million investment fund and establish a joint enterprise on electronic commerce.

Hyundai Oilbank said it would slash its total budget by 20 percent as an emergency measure.

During an extra meeting of executives, the oil refiner pledged to actively cut budgets for investment projects and a variety costs.

In an economic assessment gathering hosted by the Federation of Korean Industries, experts predicted the persistent eurozone fiscal woes are exerting a negative influence on the country.

They added that slower than expected growth in China and the United States is weighing down growth that was originally expected to pick up pace in the second half of the year.

By Kim Yon-se (kys@heraldcorp.com)