2nd Korea-US-Japan Economic Dialogue
HD Hyundai's Confidence in 'Differentiation'
Chairman Ryu Jin on Eradicating Collusion Between Politics and Business
"With an Ethics Committee... Eradication Is Possible"
Jung Ki-sun, Vice Chairman of HD Hyundai Group, stated on the 4th regarding the U.S. naval vessel Maintenance, Repair, and Overhaul (MRO) business, "We plan to participate after reviewing the operational status and profitability of the special vessel yard." Following Hanwha Ocean's recent contract to maintain U.S. Navy logistics support ships, HD Hyundai is also preparing to actively enter the market.
Jeong Gi-seon, Vice Chairman of HD Hyundai Group, is attending the '2nd Korea-US-Japan Economic Dialogue (TED)' held at the Grand Hyatt Hotel in Yongsan-gu, Seoul, on the morning of the 4th. [Photo by Moon Chae-seok]
Before attending the '2nd Korea-U.S.-Japan Economic Dialogue (TED)' held at the Grand Hyatt Hotel in Yongsan-gu, Seoul, Jung made these remarks to reporters.
Regarding HD Hyundai's differentiated business competitiveness, Jung confidently said, "We are good at it," expressing confidence that even if they join the U.S. naval vessel MRO business later than Hanwha, they can fully make up for it.
Recently, HD Hyundai signed the first-ever ship maintenance agreement (MSRA) in Korea with the U.S. Navy Supply Systems Command and secured qualifications to participate in bids for MRO projects not only for support ships under the U.S. Naval Sea Transportation Command for five years but also for U.S. Navy combat ships.
Ryu Jin, Chairman of the Korea Economic Association (Chairman of Poongsan Group), attended the "2nd Korea-US-Japan Economic Dialogue (TED)" held on the morning of the 4th at the Grand Hyatt Hotel in Yongsan-gu, Seoul. [Photo by Moon Chae-seok]
In addition to Vice Chairman Jung, the 2nd Korea-U.S.-Japan Economic Dialogue was attended by Ryu Jin, Chairman of the Korea Economic Association, and Chung Eui-sun, Chairman of Hyundai Motor Group.
Regarding the recent remarks by Lee Chan-hee, Chairman of Samsung Compliance Committee, who mentioned the "link of collusion between politics and business" and demanded the resignation of Kim Byung-joon, a political figure and advisor to the Korea Economic Association, Chairman Ryu said, "Everything will be fine," choosing to withhold further comment.
He also expressed gratitude regarding SK Group's payment of membership fees to the Korea Economic Association following Hyundai Motor Group, saying, "Thank you." Samsung Electronics is expected to soon pay membership fees for four affiliates (Samsung Electronics, Samsung SDI, Samsung Life Insurance, Samsung Fire & Marine Insurance) under the approval of the Compliance Committee.
Chairman Chung Eui-sun remained silent about his meeting with Akio Toyoda, Chairman of Toyota. Jose Munoz, Global Chief Operating Officer (COO) of Hyundai Motor, also declined to comment on cooperation with Toyota. However, COO Munoz mentioned the clean energy business plan, saying, "The three countries Korea, the U.S., and Japan are cooperating very well," and added, "We plan to strengthen the agenda (Energy Mobilizer) announced at the CEO Investor Day."
The Korea-U.S.-Japan Economic Dialogue brought together key leaders from the political and business sectors of the three countries to discuss economic development plans. From Korea, besides business figures, Foreign Minister Cho Tae-yul and Jung In-kyo, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, attended.
From the U.S., seven federal lawmakers including Bill Hagerty (Republican) Senator from Tennessee and Chris Coons (Democrat) Senator from Delaware participated, along with former State Department spokesperson Morgan Ortagus, Philip Goldberg, U.S. Ambassador to Korea, Alex Rogers, President of Qualcomm, and Harold Hamm, founder and chairman of Continental Resources. From Japan, representatives from Toyota, Denso, NEC, and NTT were present.
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