Korea Minting and Security Printing Corporation, Emergency Management for Future Growth and Business Advancement

Jang Sik Ban, President of the Korea Minting and Security Printing Corporation (center), held a management strategy meeting at the Daejeon headquarters on the 8th and declared an emergency management system. The Korea Minting and Security Printing Corporation has shifted to emergency management due to operating losses incurred last year. Photo by Korea Minting and Security Printing Corporation

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Korea Minting and Security Printing Corporation (KOMSCO) is shifting to an emergency management system to discover future growth businesses and advance its operations.

According to KOMSCO on the 8th, the corporation recorded total sales of 531.7 billion KRW last year, a 1.3% increase compared to the previous year, but it incurred an operating loss of 14.2 billion KRW.

The operating loss is largely attributed to the impact of COVID-19, which restricted overseas travel and caused passport issuance to drop by more than 70% compared to usual years. Additionally, lowering the commission fee for mobile local love gift certificates to 0.3% to support COVID-19 damage recovery also contributed to the operating loss.

In response, KOMSCO plans to implement emergency management this year, its 70th anniversary, focusing on discovering future growth engines.

In line with this, KOMSCO held a management strategy meeting chaired by President Ban Jang-sik, declaring the operation of an emergency management system and deciding to form and operate six emergency management task forces (TFs): ▲Future Growth TF ▲HR (Human Resources) TF ▲Business Advancement TF ▲Bullion Business TF ▲Global TF ▲Technology Development TF.

The Future Growth TF will be responsible for discovering future growth engines and restructuring business models and promotion methods.

The HR TF will handle human resource development and advanced labor-management relations measures, the Business Advancement TF will establish development strategies for major businesses, the Bullion Business TF will manage bullion and bullion coin businesses, the Global TF will seek ways to advance overseas exports, and the Technology Development TF will promote securing core technologies and enhancing technological competitiveness.

At the same time, KOMSCO plans to actively pursue management rationalization, including cost reduction and adjustment of unnecessary investments.

President Ban Jang-sik of KOMSCO stated, “KOMSCO will strive to turn the current crisis into an opportunity through management innovation.”

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