Samil PwC Hosts the 5th Mid-sized Enterprises Sustainability Conference

"Technology-Driven Innovation and Selective Restructuring"
Proposing Alternatives for the Petrochemical Industry

On the 13th, Samil PricewaterhouseCoopers announced that it had co-hosted the '5th Mid-sized Enterprises Sustainability Conference' with the Korea Federation of Mid-sized Enterprises at the Sangjanghoesahoe Hall in Mapo-gu, Seoul the previous day.

Over 100 representatives and executives from mid-sized companies, including Dain Precision, CESCO, and Neungwon Metal Industry, attended the event. Hae-ryun Kim, Chairman of Taekyung Group, shared the company's growth strategies and know-how.

In the opening presentation, Jung-jae Moon, Partner at Samil PricewaterhouseCoopers, pointed out that the domestic petrochemical industry is facing a structural crisis due to several factors: a slowdown in demand from China, the expansion of integrated refinery and petrochemical complexes (COTC) in the Middle East, and weakened cost competitiveness.

He stated, "It is difficult for the industry to survive through simple production cuts and cost reductions alone. A fundamental shift to high-value-added materials and simultaneous policy support from the government and financial sector are necessary. Without proactive restructuring and innovation investments, as seen in Japan, it will be difficult to restore global competitiveness."

On the 12th, attendees are taking photos at the '5th Mid-sized Enterprises Sustainability Conference' held at the Listed Companies Hall in Mapo-gu, Seoul. (From left) Jiyoon Hong, Partner at Samil PricewaterhouseCoopers; Daehyung Lim, Head of Taekyung Group; Yeonwoo Choi, Policy Officer for Mid-sized Enterprises at the Ministry of Trade, Industry and Energy; Haeryun Kim, Chairman of Taekyung Group; Hojun Lee, Executive Vice President of the Korea Federation of Mid-sized Enterprises; Jeongjae Moon, Partner at Samil PricewaterhouseCoopers; Min Kim, Executive Director of the Korea Federation of Mid-sized Enterprises. Samil PricewaterhouseCoopers.

The key alternatives proposed were productivity innovation based on artificial intelligence (AI) and eco-friendly technologies, as well as selective restructuring. In the main lecture, Hae-ryun Kim, Chairman of Taekyung Group, explained, "The foundation of all industrial development, from traditional manufacturing to information and communication technology (ICT), bio, and AI, is basic materials. Since our founding in 1975, we have pursued bold and flexible strategic changes at each stage of the market to advance the core materials essential for the development of national key industries over the past 50 years."

In a discussion with Ji-yoon Hong, Partner at Samil PricewaterhouseCoopers, Chairman Kim emphasized, "Principles must be stressed in corporate management, managers should continually renew themselves (日新又日新), and the adage 'know your enemy and know yourself (知彼知己)' must always be put into practice in a competitive market."

Meanwhile, since its launch in 2023, the Mid-sized Enterprises Sustainability Conference has provided a platform for outstanding mid-sized company owners to share their experiences in overcoming crises, growth know-how, and future innovation strategies.

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