GS Group chairman seeks opportunities in India

GS Group Chairman Huh Chang-soo and affiliate CEOs visited India to discuss the group‘s business strategies overseas, the group said Thursday. Starting in 2011, GS Group has been holding overseas meetings as a means to find future growth engines outside of Korea. This year, GS Group decided to hold meetings in India where the group aims to increase its footing down the road. 

“India has a massive domestic market, and its annual growth rate continues to post some 7 percent. The market itself has great potential and can also provide strategic benefits for the group to enter the European markets,” Huh said.

Pointing out that India‘s middle-class population has reached 200 million and their increasing consumerism, Huh also asked the group’s CEOs to come up with various products and new business models to attract local consumers there, the group’s official said.

With its efforts delving into the overseas market, GS Group in the last year logged 26.3 trillion won of sales from overseas, 50.9 percent of the total sales. That compares to 7.1 trillion won in 2004, which account for some 30 percent of the group‘s total sales worth 23 trillion won, the group added.

By Shim Woo-hyun (ws@heraldcorp.com)