GS Group Chairman Huh Chang-soo on Wednesday emphasized the importance of making bold investments ahead of others for growth in the fast-changing industrial landscape at a meeting with executives.

Some 150 executives of GS affiliates participated in the meeting held to prepare for the third quarter at GS Tower in Gangnam district, southern Seoul.

“The more uncertain the future is, the more we need to make bold investment choices ahead of others to secure future growth engines,” Huh said.

“If we focus on immediate tasks and the work we are good at, we may miss out on major changes and make the mistake of losing our customers.”

Huh added that efforts must be made to downsize weak businesses and find a balance between future industries and existing ones to strengthen the company’s business portfolio.

In an attempt to spot new business opportunities, the group’s oil refinery arm GS Caltex spent 10 years developing a future energy source from 2007.

It has obtained the technology needed to mass produce biobutanol, which is often referred to as the next generation biofuel that is similar to gasoline.

By Kim Bo-gyung (lisakim425@heraldcorp.com)