Lee Jae-yong and Chung Eui-sun Preparing for 'Post-Corona': "Let's Use This as an Opportunity to Overcome Crisis and Become Stronger"

[Asia Economy Reporter Kim Hyewon] "After facing this crisis, I realize we should have prepared a bit earlier. From now on, we will overcome it swiftly." (Lee Jae-yong, Vice Chairman of Samsung Electronics, at a meeting with President Moon Jae-in and the business community)

"If we all unite as one and respond to the emergency with utmost coordination, we can recover soon, and this can be an opportunity to strengthen the group's foundational capabilities." (Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, in an email to employees)

The two leaders of the top two business groups in Korea have urged executives and employees not only to overcome the immediate COVID-19 crisis but also to establish a proactive response system for the 'post-COVID-19' era.

According to industry sources on the 4th, Lee Jae-yong made a surprise visit to Samsung Electronics' Gumi plant located in Daegu and Gyeongbuk, where many domestic COVID-19 cases have been confirmed. At the Gumi plant, four COVID-19 cases have been confirmed so far, leading to the closure of some production lines and disinfection measures.

After inspecting the smartphone production factory, Lee held a casual meeting with employees, saying, "This is an unprecedented crisis, but your dedication gives us hope and courage," and encouraged them, "Let's all stay strong, overcome this crisis together, and soon meet again smiling brightly without masks." Earlier, Samsung Group has been providing full support to overcome COVID-19 damage, including offering the Samsung Human Resources Development Center's Yeongdeok Training Center for mild COVID-19 patients in self-quarantine due to hospital bed shortages.

Lee is believed to have instructed management to swiftly respond to the COVID-19 crisis and to reestablish management strategies in preparation for the post-COVID-19 situation. In this regard, Han Jong-hee, President of Samsung Electronics, emphasized, "We are considering all possibilities and, although it is difficult, we are creating alternatives," adding, "We must find alternatives from parts to production and logistics to survive." Ko Dong-jin, President of Samsung Electronics, said, "This is a time to see whether we remain a mid-level developing country group or enter the ranks of advanced countries," and added, "We must be willing to part with the familiar to open a new chapter and embark on the path of innovation."

This implies that the management is making bold decisions to reduce dependence on specific regions and countries such as China and Vietnam, while reviewing overall strategies to build a more stable parts procurement supply chain. Especially following Japan's export restrictions and the outbreak of COVID-19 originating from China, major companies including Samsung Group are facing an emergency situation where their year-end and New Year management plans have effectively fallen apart.

Hyundai Motor Group, hit hard by the COVID-19 crisis, has developed various contingency plans under the leadership of Executive Vice Chairman Chung Eui-sun. While overcoming the immediate crisis of COVID-19 and stabilizing management early are priorities, Chung has ordered that this be used as an opportunity to further strengthen the group's foundational capabilities.

Executive Vice Chairman Chung emphasized, "The company will actively cooperate with the government-led response system and mobilize all available resources to ensure the health and safety of employees, making every effort so that all employees can enjoy a stable daily life."

Hyundai Motor Group has established a 'COVID-19 Comprehensive Situation Room' at each affiliate to monitor domestic and overseas situations in real time and devise measures to minimize business risks.

Chung also sent official letters to representatives of partner companies facing difficulties, encouraging them by saying, "Because of the resilience we have shown together in facing challenges and overcoming them, we can overcome this as partners again." He added, "We are providing emergency funds to struggling partners and will strive to make up for unavoidable production disruptions as soon as possible through the launch of competitive new cars and export expansion," and conveyed, "After the COVID-19 situation normalizes, we have agreed to work together to shorten labor-management negotiation periods as much as possible to prevent additional losses to partners."

This content was produced with the assistance of AI translation services.