Hyosung Chairman Cho Hyun-joon’s recent series of visits to Asian countries appears to be laying the ground for more business opportunities there.
Cho has held talks with leading figures of Asian countries, including Indian Prime Minister Narendra Modi on Feb. 18 and Vietnamese Prime Minister Nguyen Xuan Phuc on Feb. 8.
Following Cho’s meeting with Modi, Hyosung announced a plan to build its first spandex plant in Maharashtra, India. The move is expected to serve as the “cornerstone” in penetration of the Indian market, according to Hyosung. The construction is projected to be completed in 2019.
Hyosung Chairman Cho Hyun-joon delivers a congratulatory speech at the Magnetic Maharashtra Convergence 2018 event in Mumbai, India, on Feb. 28. (Hyosung)
Cho also attended Intertextile Shanghai in October 2017 to head Hyosung’s marketing at the exhibition venue to reach out to Chinese clients involved in the textile industry there, along with 18 subcontractors of the textile manufacturer.
These are part of Cho’s move to increase the company’s presence in the Asian market. The company aims to boost sales in emerging markets after plants in countries like China, Vietnam and India go into operation.
Hyosung said that the backbone of its penetration into the overseas market is technology-focused management, mainly led by Hyosung R&DB Labs, a think tank founded in 1971. Decades of efforts to strengthen research and development, according to the firm, gave birth to spandex, tire cord and carbon fiber like Aramid. The institution also played a significant role in commercializing polyketone technology.
Moreover, Hyosung’s R&D prowess has recently revolved around renewable energy technologies, including energy storage systems, static synchronous compensators and high-voltage direct current electric power transmission systems.
Cho has asked employees to consider the company’s technological edge as a “source of our pride,” since his inauguration as chairman last year.
In his New Year’s speech to employees this year, he also stressed a need to prioritize efforts toward ensuring world-class technological competitiveness
As the first mover in the production of synthetic carbon fiber and polyketone, Hyosung has offered a host of products based on client needs using its “proprietary technical competency,” according to the firm.
By Son Ji-hyoung (
consnow@heraldcorp.com)
