Headlines for August 2017

1. [Hanwha Corporation] Ranked 246th on Fortune “Global 500” list, up 31 spots

Fourtune Global 500 is a global brand index that has been announcing revenue-based rankings of global companies since 1990. 15 Korean companies were included in this year’s Fourtune Global 500. Among them, Hanwha was ranked 246th, 31 steps up from last year’s ranking of 277th. Hanwha Corporation has entered the ranks of global companies since its revenue increased from $41.4 trillion won in 2016 to $47.1 trillion won in 2017.

This increase resulted from the strategic investments and the development of new business structures, which have been in place since 2014 to strengthen the company’s high-level competencies. During this intensive business reorganization, Hanwha Corporation established their core businesses in defense, chemical, precision machines, and solar sectors.

Particularly, chemical companies such as Hanwha Chemical and Hanwha Total gained remarkable operating profits in the last two years. And defense companies also demonstrated strong performances. Moreover, Hanwha Q CELLS turned into a profit-making company in the 2nd quarter of 2015, and they have proven to be number one in the world by continuously generate profits since then.

In the finance sector, Hanwha Life Insurance and Hanwha General Insurance led with positive results. Hanwha Hotels & Resorts also successfully turned into profit-making company this year in the service & leisure sector, and they have proven their growth potentional in the resort, hotel, and FC sector.

2. [Hanwha Techwin] Held inauguration ceremonies for Hanwha Land Systems, Hanwha Precision Machinery, and Hanwha Power Systems

In April, Hanwha Techwin announced that they would split each business unit and establish three subsidiary companies to strengthen each business unit’s competitiveness and improve efficiency. The inauguration ceremonies for these new companies, Hanwha Land Systems, Hanwha Precision Machinery, and Hanwha Power Systems, were held.

On July 4th, Hanwha Land Systems, which was split from Hanwha Techwin Defense Business Group, held their inauguration ceremony at their Changwon #3 Plant. Son Jae-il, the CEO of Hanwha Land Systems, leaders of the division, and about 100 employees attended the ceremony.

On July 6th, Hanwha Techwin split their industry machinery business and set up Hanwha Precision Machinery. The new company held their inauguration ceremony at their locations in Pangyo and Changwon #2 Plant. CEO Kim Youn-chul and employees of the company attended the ceremony.

On July 11th, Hanwha Power Systems held their inauguration ceremony at Pangyo R&D Center and Changwon HRD Center, and CEO Shin Hyun-woo, all of the employees of the company, and a leader of the labor union attended. The event was casual and comfortable.

3. [Hanwha Corporation] Held a dedication ceremony for the new R&D center

On July 20th, Hanwha Corporation held a dedication ceremony for the new R&D center, which will carry out research and development for future advanced weapon systems. Lee Tae-jong, CEO of Hanwha Corporation Defense Division and CEOs of each Hanwha affiliate attended the ceremony.

The new R&D Center is a six-story office building with 2 basements and a 2-story research building with 1 basement. The research building is designed to be vibration-free to ensure the safety of weapon testing. And the building also has special research facilities such as a precision measuring room, an electromagnetic shielding facility, a communications shielding facility, a clean room, and a temperature and humidity-controlled room.

The new R&D Center has been recognized for its ability to perform development, assembly, and self-testing of core technologies for land/sea/air guided weapons and precision munitions.

Hanwha Corporation will build a new R&D Center that leads the world’s precision weapons systems by strengthening overall system competitiveness, competence of core technologies, and advancement of R&D systems development.

4. [Hanwha Systems] Held a demonstration event for AESA radar prototype that can function as eyes of the KF-X, a Korean fight jet

The Korean fighter jet KF-X’s AESA radar is an essential piece of equipment that can detect enemy fighter jets and execute an aerial battle mission against enemy fighter jets. On July 13th, Hanwha Systems and Agency for Defense Development (ADD) introduced an AESA radar prototype that can function as the eyes of the KF-X.

Hanwha Systems held an open event to introduce the KF-X’s AESA radar to 50 people from Defense Acquisition Program Administration (DAPA), Agency of Defense Development (ADD), and Ministry of Defense reporters at their R&D Center in Yongin.

Hanwha Systems has been putting their best efforts toward developing the eyes of the KF-X since they were selected as the first AESA radar developing company in Korea last year. Through this open event, Hanwha Systems proved their radar development competence which they have been developing for 35 years. And the company confirmed the possibility of further AESA radar development, a core technology of the KF-X jet.

The AESA radar is scheduled to be installed on a Korean fighter jet which is supposed to be completed by 2028. Hanwha Systems will continue to put their best efforts toward the successful development of the AESA radar independently.

5. [Hanwha Life, Hanwha General Insurance] Received Hall of Fame and Grand Prize at 2017 Korea Service Grand Prix

Korea Service Grand Prix, which celebrated its 18th year, is an award that strictly evaluates customer oriented systems throughout businesses, including CEO leadership management systems. On July 6th, Cha Nam-gyu, CEO of Hanwha Life Insurance, attended the ceremony and entered the Hall of Fame in the life insurance category, the highest honor.

The Hall of Fame is the highest honor given to a company among those who have received the grand prize for five consecutive years in accordance with the evaluation guideline. Hanwha Life Insurance has been receiving the Korea Service Grand Prix for seven consecutive years since 2010. And they were honored to enter the Hall of Fame this year. The company received high scores for establishing various service programs and new infrastructure, bringing innovation to all levels of management, and spreading a customer-oriented mindset throughout the organization.

At the same time, Hanwha General Insurance received the grand prize for three consecutive years in the general insurance category. They received high scores for creating financial stability for their customers through 3B consulting, which seeks to balance investment techniques, value, and coverage for customers. They also received high scores by improving their market and customer-oriented constitutions through differentiate innovations. The company took the value of customers to the next level.

Headlines for July 2017

1. [Hanwha Group] Held an alliance dinner for Korea Defense Veterans Association & Korea-US Alliance Foundation

On June 12th, the alliance dinner for the Korea Defense Veterans Association and Korea-US Alliance Foundation was held at the Plaza Hotel. From Hanwha, Lee Tae-jong, CEO of Hanwha Corporation Defense Division, Shin Hyun-woo, CEO of Hanwha Techwin, Chang Si-kwon, CEO of Hanwha Systems, and Kim Dong-kwan, Chief Commercial Officer of Hanwha Q CELLS, attended the event. Kwon Oh-sung, the vice chairman of the Korea Defense Veterans Association, Yoo Myung-hwan, the chairman of the Korea-US Alliance Foundation, government officials, and the commander of US Forces, Korea Vincent Brooks also attended the event. Hanwha Group signed an MOU for a million-dollar sponsorship and promised continuous support.

In the congratulatory speech, Shin Hyun-woo, CEO of Hanwha Techwin said that Hanwha Group has been connected very closely to the national defense industry for long time and has been growing based on their business philosophy, “serve the country through the business,”. He also said that he is pleased to have an opportunity to contribute to strengthening the Korea-US alliance, which is important to Korea’s national defense, through this event.

The money sponsored by the Group will be used to provide scholarships, welfare programs, seminars on strengthening the alliance between Korea and the US, and activities that promote friendship between the two countries and for the members of the Korea Defense Veterans Foundation.

2. [Hanwha Group] Hosted 2017 Hanwha Chairman’s Cup National Shooting Competition

The 2017 Hanwha Chairman’s Cup National Shooting Competition, which was co-hosted by Hanwha and the Korea Shooting Federation, was held at the Chungjoo Shooting Range for eight days, and about 2,700 players participated throughout Korea.

The slogan of the 10th annual Hanwha Chairman’s Cup National Shooting Competition was, ‘Load for a dream, Challenge for Tomorrow’. Hanwha Chairman’s Cup National Shooting Competition was founded in 2008. Since then, it has become one of Korea’s five major shooting competitions.

The event received a lot of attention because the world’s top class players such as Jin Jong-oh, Kim Jang-mi, and Kim Cheong-yong of Hanwha Galleria Shooting Team competed this year. At this year’s competition, Kim Cheong-yong of Hanwha Galleria Shooting Team, who is considered to be the player of the next generation, set the national record and won the men’s 50m pistol final. He made it to the final round, maintaining the highest scores and recording a total score of 235.3 to win the gold medal.

Hanwha Group has served as the main sponsor of the Korea Shooting Federation since June 2002, providing over 13.5 billion won in funding and taking the lead in boosting interest in shooting sports in Korea.

Specifically, this year’s game was also a selection match for the 2017 Asian Air Gun Championship and the 2018 National Team selection. So this competition is expected to play a role in finding prospective players who are going to lead Korea’s shooting team in the 2020 Tokyo Olympics.

3. [Hanwha Q CELLS] Participated in the largest solar exhibition in Europe, Intersolar

Hanwha Q CELLS, which became the number one solar producer in the world last year attended Intersolar, the largest solar exhibition in Europe which was held in Munich over three days, from May 31st to June 2nd. Hanwha Q CELLS set up the largest booth this year and concentrated on introducing products and solutions that use Hanwha Q CELL’s core technologies. Quantum Cell technology is a core technology which can increase the stability and reliability of a product. Hanwha Q CELLS grafts PERC technology, which enables it to bring high efficiency in Hanwha Q CELL’s other technologies.

Hanwha Q CELLS is going to reach over a 3GW annual quantum cell production capacity during the first half of this year. As of May of this year, the company supplied an accumulated 5GW, which is equivalent to 1 billion quantum cells, to the major markets in the US, Japan, and Europe.

Hanwha Q CELLS has been the only foreign company to receive Top Brand Awards from EuPD Research as for three consecutive years, as well as the Terawatt Awards at SNEC, which are only given to the top 10 companies. In addition, the company also had the honor of receiving all three global awards, including the Intersolar Innovation Award for their steel frame module, which was introduced for the first time through this year’s exhibition.

We hope to see Hanwha Q CELLS achieve remarkable growth and maintain the position of the number one solar cell producer in the world.

4. [Hanwha Techwin] Received 2017 Customer Loving Brand Awards

Hanhwa Techwin received two awards. At the 2017 Customer Loving Brand Awards, hosted by JoongAng Daily Economist, Hanwha Techwin Security Business Group’s brand Wisenet has received the grand prize in the CCTV category at Customer Loving Brand Awards for two consecutive years.

Hanwha Techwin Security Business Group continues to develop CCTV products with outstanding performance so that they can be effectively used for preventing crimes, managing disasters, and maintaining public security. We hope to see Hanwha Techwin Security Business Group have a stronger presence in the global market in the near future.

Meanwhile, at the 2017 Green Company Awards, which marked their 7th year this year, Hanwha Techwin Plant #3 received the excellent award, which is equivalent to the minister of the environment award. Hanwha Techwin Plant #3 have been recognized for their excellence in the creation of environmental safety programs for each production line, an emergency response system, an environmental accident prevention program, programs for reduction of environmental pollution and greenhouse gases, and eco-mileage activities with Beautiful Store.

After the award ceremony, a workshop was held for the members of the green companies. Recipients of the awards sought a response plan for changing environmental policies and shared stories of their success. We hope to see Hanwha Techwin leading environmental management in Korea as a green company.

5. [Hanwha Group] Held an orientation session for the Hanwha Science Challenge 2017 Final Round

“Now it’s the final round!” Every year, the Group hosts the Hanwha Science Challenge science fair for high school students in order to foster future scientific talent. After fiercely competitive qualifying rounds in May, a total of 20 teams began their journey to the final round. An orientation session was held prior to the final round. Let’s take a look at the scene full of passionate people.

The students who passed the second qualifying round of the Hanwha Science Challenge 2017 showed strong determination. On June 10th, an orientation session for the 20 teams that passed the second qualifying round was held at the main auditorium, located on the 3rd floor of the Hanwha Group headquarters building.

At the orientation, the 20 teams, previous award recipients, and judges got together and discussed preparation, the evaluation guidelines, and listened to the lectures.

After watching such a passion-filled orientation session, we are eager to see the ideas of those talented future leaders at the final round in August.

Headlines for June 2017

1. [Hanwha Life] Held the 33rd 2017 annual award ceremony

Hanwha Life Insurance held the 33rd annual award ceremony, the largest festival of the company, on May 12th at Kintex in Korea. Chairman Seung Youn Kim attended the ceremony again this year, for the third consecutive year, to congratulate the FPs and employees who have accomplished outstanding results in the difficult insurance market, and he shared encouraging messages.

Chairman Kim has been attending the ceremony every year for three consecutive years since 2015. He congratulated all FPs for accomplishing the asset growth goal of 106 trillion-won through love and trust to customers, and he expressed his appreciation to them. In his remarks, Chairman Kim asked the FPs to actively adopt the changing spirit of the times as they stop old practices and customs from the past.

Moreover, he said that love and respect, honesty and loyalty must come first in any situation since a financial business is about helping people to have better lives. And he encouraged the FPs who attended the ceremony by suggesting that they try to be remembered as Hanwha’s proud FPs, acting with pride as warm partners to our customers and the best financial specialists.

Lastly, Chairman Kim emphasized that we need to practice leadership as we ponder thoughts, standard, and values demanded by the new world. He said that the efforts of FPs combined with their sweat and tears are the promises to protect our customers’ happiness, and they will be remembered as part of proud Hanwha’s future.

2. [Hanwha Group] Held an opening ceremony of the Hanwha Shanghai Plaza

Hanwha Group has accelerated its global management over recent years and is running various businesses in all parts of the world in business sectors such as solar, chemical, materials, and financial. Among the various locations, Shanghai has been a strategic location for global businesses since the greatest number of affiliates has chosen it for a long time. In this important market, the Group has felt the need to combine the global offices of eight affiliates and operate a representative office. After over a year of preparation, the Hanwha Shanghai Plaza is now finally opened.

The Hanwha Shanghai Plaza is located on the west side of Huangpu River, which runs through the middle of Shanghai. About 149 employees from eight affiliates, including Hanwha Chemical, Q CELLS, Techwin, FC, Trading, Advanced Materials, and Galleria Duty-Free work on two floors in New Caohejing International Business Center using 3,354㎡ of a floor space.

The establishment of the Hanwha Shanghai Plaza not only means physical integration through sharing the same office space, but also it is expected to create synergy among the eight affiliates from different industries through cooperation and collaboration in various tasks such as sales, dealing with the government, and management.

Through the opening of the Hanwha Shanghai Plaza, we expect that it is going to provide opportunities to increase Hanwha’s global business competence and status. And we hope that all 149 employees of the Hanwha Shanghai Plaza play important roles in meeting this expectation.

3. [Hanwha Group] Ranked 5th among major Korean corporates based on the amount of net income.

The Fair Trade Commission categorizes a company with total assets of over 10 trillion-won each year as a large corporation, which limits mutual investment and debt guarantee. Hanwha is ranked 8th this year again with assets totaling 58.539 trillion won.

Since the proclamation of the vision ‘Quality Growth 2020’, the Group has been getting attention from the market as they simultaneously execute external growth and internal management with the goal of becoming the No.1 company.

The Group will continue to strengthen its fundamental competencies in chemical, materials, defense, solar, and financial industries with a “select and concentrate” strategy. At the same time, they will continue investing and taking on new challenges, even under the uncertainty of the world’s economy in order to achieve the vision ‘Quality Growth 2020’.

4. [Hanwha Techwin] Signed a contract with India for exporting self-propelled howitzer K9s

We are pleased to announce that Hanwha Techwin signed a contract with India to export premium self-propelled howitzer K9s. This K9 export deal is the 4th exporting opportunity, following the deals with Turkey, Poland, and Finland. The contracted amount is 370 billion won for 100 improved versions of the K9 self-propelled howitzer named Vajra.

The contract was signed at the chamber of commerce in India. This contract is more meaningful because this is the first time for a Korean defense company to enter one of the largest weapons importing markets in the world, and it allows Hanwha to establish a foundation to expand the business in Asia and the Middle East.

In order to conform to the Indian government’s manufacturing industry vitalization policy called “Make in India”, Hanwha Techwin has formed a strategic consortium with the Indian company Larsen & Toubro and participated in a self-propelled howitzer business in 2011. They successfully tested the weapon in the Rajasthan desert in India, which is a hot, sandy area, while Indian army was supervising, and Hanwha proved its quality.

Hanwha Techwin is planning to manufacture 100 K9 self-propelled howitzers in India that could be modified for the Indian Army while transferring the technology to them, and they are going to deliver the weapons with Larsen & Toubro.

5. [Hanwha Corporation/Explosives] CEO visited outstanding partner companies, carrying out win-win management activities

Hanwha Group’s partner companies are not just subcontractors but they are in family and partner relationship that are going further together with Hanwha. Choi Yang-soo, CEO of the Hanhwa Corporation Explosive Division, visited one of their partner companies, Jaeil, located in Incheon and listened to their difficulties and carried out win-win management activities by encouraging them to improve their manufacturing processes.

Mr. Choi visited Jaeil, which was selected as an excellent partner company by Hanwha Corporation last year after receiving a high evaluation on its deadline, quality, and contribution categories during a routine evaluation. In fact, this company helped Hanwha Corporation manufacture torch casings for the 2018 Pyeongchang Winter Olympics.

In particular, Jaeil had received various investments from Hanwha Corporation for quality and process improvement because they were selected for the partner company’s process improvement program carried out by Hanwha Corporation. This program includes activities of sharing know-how and creating better management and more businesses as professionals from each area of Hanwha Corporation visit a partner company and discuss their weaknesses

For this project, Hanwha Corporation supported Jaeil with a metal pipe cleaning machine and automated inspection equipment. Jaeil was able to improve the quality of their products and productivity thanks to the equipment that was brought in with Hanwha’s investments.

Meanwhile, CEO Choi visited an assembly plant where torches for the 2018 Pyeongchang Winter Olympics were being made, and he inspected the manufacturing processes thoroughly.

Besides partner companies’ process areas, Hanwha Corporation is also providing consulting activities in the environmental safety area, which is a vulnerable area for small companies. Hanwha Corporation recommends practical options that can improve productivity following the Industrial Safety & Health Standard so that partner companies can have a more efficient and safer working environment.

Furthermore, Hanwha Corporation is going to strengthen their partner companies’ competence, which is a foundation of improving quality and cost at Hanwha by finding ways to offer practical help and expanding the qualification range of a partner company for the process improvement program.

Headlines for May 2017

1. [Hanwha Engineering & Construction, Galleria] Develops a convention town in Gwanggyo, Korea

The Group announced the beginning of a large multi-complex development project that will be built on 81,000 square meters of land in Gwanggyo, Suwon, Kyunggi province. The project will include a Galleria department store, an aquarium and a hotel with 270 rooms, 47- story residential buildings, and a convention center that can hold an international conference. To promote this project, they have opened a model home for GwanggyoDream & Green apartments on April 14th and have started selling the units.

The Gwanggyo Convention Dream & Green is going to be built in front of the Gwanggyo lake park, which is a popular attraction in the area. Since a Galleria department store, a hotel, and a convention center are going to be built around this residential apartment, many investors and buyers are interested in this project.

The complex will have a total of 759 residential units that are 84~175 square meters in size throughout three 47-story buildings with five underground levels. Each unit will have a view of the lake park and easy access to public transportation, schools, and surrounding conveniences. And it will be the highest-quality residential complex in Gwanggyo.

Meanwhile, Hanwha Galleria is planning to create a new landmark in Gyeonggi province by developing a department store with 73,000 square meters of store space on a total of 150,000 square meters of building space in Gwanggyo Convention Multi-Complex area. They are committed to this project from a design stage.

Galleria Gwanggyo, a tentative name, is getting a lot of attention because it is designed by a world-renowned architect Rem Koolhaas. The Galleria will introduce many family-friendly elements customized to local customers and will host major, global brands as they utilize their premium brand department store image, which is their strength, along with their know-how in selecting premium trends.

We hope that the Gwanggyo Convention Multi-Complex becomes a warm place where it connects city and culture, nature and people.

2. [Hanwha General Insurance] Held an annual grand prize award ceremony

Hanwha General Insurance held an annual grand prize award ceremony to congratulate those FPs who have achieved the highest honor with their distinguished challenging spirit and passion last year. Let’s meet the person who became the ‘king of insurance’.

On April 13th, Hanwha General Insurance held the 2016 Annual Grand Prize Award Ceremony at the Yeosu Expo Convention Center in Jeonnam province. A total of 480 award recipients, employees, and Park Yun-sik, CEO of Hanwha General Insurance attended the ceremony. At the ceremony, Ham Seong-dae, a FP from Cheongju branch of Chungcheong area, became the ‘king of insurance’ and 213 FPs and representatives received prizes in each category.

CEO Park said in his welcoming remarks that he thanks all who ran relentlessly last year with passion as they deliver the value of offering complete insurance coverage to the entire family of our customers.

We hope to see Hanwha General Insurance achieve sustainable competitiveness as they secure the highest level of productivity in the industry which is based on a sincere consulting sales method.

3. [Hanwha Corporation/Machinery] Won a contract to build a logistics automation facility for Nexen Tire in the Czech Republic

Hanwha Corporation Machinery Division has established trust with Nexen Tire since building an automated distribution system for the Nexen Tire factory in Changnyung in 2011. Because of this, Hanwha Corporation Machinery Division won a contract worth approximately 90 billion won from Nexen Tire to build another automated distribution system for a factory in the Czech Republic.

Nexen Tire’s factory is going to be built in the Zatec area, located 70km northwest of Prague, the capital of the Czech Republic. This factory is going to serve as a manufacturing base for Europe.

Hanwha Corporation Machinery Division is going to install the automated distribution system for the entire manufacturing process of the factory. Hanwha plans to offer EPC engineering services by performing design, procurement, and installation at the same time. They are going to automate the entire process of tire distribution, including an automobile storage system, an unmanned transporting vehicle, a ceiling transporting vehicle, a robot automation system, and a conveyer. They expect it to contribute to improvements in productivity and efficiency.

Hanwha Corporation Machinery Division plans to maximize its productivity by building a smart factory with an improved equipment production ability and unmanned automated equipment technology in the future.

4. [Hanwha Techwin] Enters the collaborative robot market

On March 30th, Hanwha Techwin held a launch show for a collaborative robot, HCR-5, at the Automation World 2017 Expo at Coex in Seoul. They also announced the official launch of a collaborative robot business, the first among Korean companies.

About 150 people from the government, university robotics departments, and other cooperative partners attended the launch show and showed their interest in the collaborative robot.

Particularly, Shin Hyun-woo, CEO of Hanwha Techwin Aerospace & Defense Business Group, gave a presentation in person and expressed the company’s interest in the robot business. CEO Shin said that he expects to see Korea’s robotic industry grow with the launch of Hanwha Techwin’s collaborative robot. He also said that the company will continue to invest in the robotic business and expand it to global markets in Asia and Europe.

A collaborative robot works closely with humans and assists workers. The robot is often used to automate processes with high risks of jamming or fire accidents during metal fabrication and plastic molding, and boring or repetitive jobs such as screwing tasks.

Unlike an industrial robot which requires a large and separate floor space apart from human workers, a collaborative robot can work in close proximity to workers so it requires only a small space and is safe and simple to use.

The HCR-5 in particular requires a low initial investment, which is nearly half that of competitors’ products. It is convenient, safe, and has outstanding workability and an easy operation system so that anyone can use it. Its design was recognized with an ‘iF Design Award,’ one of the world’s top three design awards, in the product category this year.

We hope that Hanwha Techwin’s collaborative robots keep on rolling in a market that is recently getting a lot of attention as the 4th industrial revolution unfolds and rapid growth is expected, and we hope the robots greatly contribute to Korea’s manufacturing and robotic industry.

5. [Hanwha Chemical] Established a new technology research center with Seoul National University

Hanwha Chemical is strengthening academic-industrial cooperation in order to improve research and development competitiveness. Last year, the company established the Future Technology Research Center with KAIST. They are currently conducting research to develop original technologies for the future. This year, Hanwha Chemical started to strengthen its R&D competitiveness in developing specialized products and fostering outstanding talents by establishing the New Technology Research Center with Seoul National University.

The New Technology Research Center is going to run for five years, from this May to 2022. Professor Jang Jyong-sik, an expert in chemical materials in Korea, and a few other people are going to participate in the program. They are going to develop specialized products and catalysts that Hanwha Chemical is currently focusing on as well as a manufacturing process simulation for polyolefin-category products.

Ownership of the technology patents developed through this center will be shared 50:50 between Hanwha Chemical and SNU. And Hanwha Chemical is going to pay royalties to SNU when the technology is commercialized. In addition, the company is going to give academic-industrial scholarships to students who participate in this project.
Hanwha Chemical expects the establishment of this R&D center, along with academic-industrial cooperation, will increase their competitiveness in Korea’s petrochemical industry, and the company hopes that this offers a new model of academic-industrial cooperation.

Headlines for April 2017

1. [Hanwha Group] Chairman Seung Youn Kim met with Jeffery Immelt, the Chairman of GE

Chairman Seung Youn Kim met with Jeffrey Immelt, the chairman of GE who visited Hanwha Group again this year. They discussed exploring new growth engines through industrial internet technology and talked about their common interests.

Chairman Kim and GE chairman Mr. Immelt discussed exploring new growth engines based on industrial internet technology by creating high value-added products and services in the manufacturing industry, and they also sought for continuous cooperation in the gas turbine sector as well as aircraft engines, industrial applications of IoT, and possible cooperation in the solar area.

Chairman Kim said that he was impressed by GE’s creative attempts in industrial 4.0. The chairman also said that he expects to strengthen Hanwha’s competence in manufacturing and products through cooperation with GE in the industrial internet area and wished to cooperate with GE to develop new business models.

Last year, they signed a MOU to apply GE’s industrial internet know-how to Hanwha Techwin’s products and factories. Hanwha Techwin is planning to transform their plants into smart factories by using GE’s industrial internet platform.

2. [Hanwha Group] Hosted an official session for startups at the Boao Forum

For four consecutive years, Hanwha has attended the Boao Forum, held in the town of Boao, located in Qionghai, China. Hanwha carried out its role of economic diplomacy at the Forum even though the relationship between Korea and China has been strained. This year, Hanwha invited 20 Asian startup companies and hosted the Forum’s official roundtable titled, ‘From Made in Asia to Created in Asia’, the first roundtable hosted by a Korean company. Let’s take a look at this event where active discussions took place.

Kim Dong-won, a head of Fintech & Innovation Center of Hanwha Life Insurance, and Kim Yong-hyun, CEO of Hanwha Asset Management attended the four-day long Boao Forum which started on March 23rd, and they had opportunities to exchange information with other global leaders.

At this year’s Boao Forum, Hanwha was the first Korean company to host an official session with the organizer of the Forum. 20 startup founders who are in their 20s and 30s from Korea, China, Japan, India, Thailand, and other Asian countries participated served as panelists. They shared their ideas and entrepreneurial spirits, and exchanged their opinions on possibility of growing their own businesses bigger by making connections in Asia.

Moreover, they discussed the importance of networking and growth potential of a startup ecosystem in Asia through the securing of an open innovation strategy, creating Asia’s future growth engines.

At the startup roundtable discussion, Kim Dong won, a head of Fintech & Innovation Center of HLI, participated as an official panelist and said that this roundtable discussion was organized to discuss how much the creative influences of Asian countries with long history and traditions can deliver in the global market. And he continued saying that if startup companies from each country can be connected, then they can create more possibilities.

3. [Hanwha Q CELLS] Chung Sye-kyun, the Speaker of the National Assembly, visited Hanwha Q CELLS’ plant in Malaysia.

On March 23rd, Chung Sye-kyun, the Speaker of the National Assembly, and his group visited Hanwha Q CELLS’ plant in Malaysia. The group originally made a diplomatic visit to Malaysia for the Singapore-Malaysia high-speed rail project, but they decided to include in their schedule a visit to the Hanwha Q CELLS’ plant in Malaysia to confirm the importance of the solar business, which has been getting more attention since the Paris Agreement.

Through the visit of the speaker’s group, Hanwha Q CELLS has been recognized for its successful entrance into the overseas market and their accomplishments in Korea as well as overseas. With this opportunity, they plan to invest continuously this year and accomplish the goal of expanding to 6.8GW cell and module production capacity and become number one in the global solar market.

4. [Hanwha Corporation, Chemical, Techwin, Investment & Securities ] Held annual general meetings

Hanwha Corporation, Hanwha Chemical, Hanwha Techwin, and Hanwha Investment & Securities held annual general meetings on March 24th. There they expressed that they will do their best to accomplish better results.

At the 65th annual general meeting, Hanwha Corporation proposed rules on the approval of the financial statements, a salary cap on directors’ compensation, and the appointment of directors, board members, and audit committee members. All proposed items were passed.

At the meeting, CEO Lee Tae-jong said that the company was able to successfully issue preference shares under difficult management situations. The company was also able to reach total sales of approximately 47.12 trillion won, which is a 14% increase compared to the previous year, and 1.68 trillion won of operating profit, a 122% increase after continuously ensuring internal stability in order to become a global company.

Meanwhile, Hanwha Chemical held its 43rd annual general meeting. At the meeting, they reported the audit and sales results, and proposed the approval of the financial statements, the appointment of a director and audit committee members, and a salary cap for the director’s compensation. All proposed items were passed.

CEO Kim Chang-bum expressed that they are going to improve the company’s value through effective communications, and maximize the shareholders’ value through innovation of organizational culture and the management goal of fulfilling social responsibilities.

At the annual general meeting of Hanwha Techwin, CEO Shin Hyun-woo announced that the company has accomplished the total sales of 3.5 billion won and the operating profit of 150.7 billion won last year as the company’s main businesses are stabilized a year after the company was merged with Hanwha Group. The company became a profit-generating company over the past three years. Furthermore, he revealed that the company is going to increase sales in strategic markets such as air defense, security, and the industrial equipment sector this year and grow to become a global company by maximizing profits through effective management.

At the annual general meeting, Hanwha Investment & Securities proposed a total of 6 items, including the approval of financial statements, and all of them were passed. CEO Yeo Seung-joo promised that he is going to maximize the company’s profit as the company increases the clients’ assets along with the customers’ trust. He also promised to fulfill the ‘Addition Management’ philosophy which is supposed to benefit clients, shareholders, the company, and employees.

5. [Hanwha Engineering & Construction] Minister of land, Infrastructure, and Transport visited Bismayah new city construction site

As you know, a mega-sized new city development project, the new city of Bismayah is being built in Iraq. This modern city is expected to be the very first example of a developed Iraq since the civil war. The minister of Land, Infrastructure, and Transport visited the Bismayah construction site and encouraged those who work at the site.

Minister Kang Ho-in and the representatives of the Korea-Iraq Joint Commission on Economic Cooperation group met with Choi Kwang-ho, CEO of Hanwha E&C, Song Woong-yeob, the Korean ambassador to Iraq, and other officials. And they visited the Bismayah new city construction site and encouraged workers of Hanwha E&C and their partner companies.

Minister Kang said that it’s very impressive to see the Bismayah new city, full of Iraqi’s aspiration and the core of Iraqi government’s new city project, is being built by Koreans’ dedication and effort. He also expressed that he is proud of those who are carrying out the project successfully, and encouraged them to do their best until the end of the project with the world’s best technologies.

By strengthening government level support like this visit of the minister of Land, Infrastructure and Transport, Hanwha E&C expects to receive more orders with the Iraqi government’s support which has been building over many years. The company is committed to cooperate for expansion of Korea-Iraq economic cooperation and promotion of friendship between two countries at a private company level.