Poongsan Group Chairman Ryu Jin: Defense Business Not for Sale, Will Invest in Regional Development

Ryu Jin, chairman of the Korea Economic and Business Association and CEO of Poongsan Group, has announced that the company has decided against selling its defense business. Instead, Ryu revealed plans to invest the profits generated from this sector into regional development initiatives. These plans include building golf courses and hotels in provincial areas, fulfilling a vision his father could not complete.

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We have decided not to sell it for now.

Ryu shared these remarks during a press conference at the Korea Economic and Business Association's Jeju Summer Forum. He specifically mentioned a plan to build what he envisions as the best golf course in Korea in his hometown of Andong. Furthermore, he indicated that a blueprint for relocating Poongsan Group's headquarters to Busan would be revealed soon.

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I am planning to build the best golf course in Korea in my hometown of Andong.

Addressing the potential inclusion of major conglomerates like Samsung, SK, Hyundai, and LG into the association's executive board, Ryu expressed a reluctance to pressure them during critical times for their semiconductor businesses. He believes individual decisions are best but feels obligated to fulfill his campaign promise of expanding the board before his term ends in February.

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It is not right for them to decide on their own. However, I made it a pledge to bring them into the executive board, so isn't it my mission to step down after fulfilling that?

Ryu also emphasized the need for a "New K-Industry Strategy" to fundamentally innovate South Korea's industrial structure and growth methods. He aims to accelerate the association's proprietary projects focused on this industrial transformation, noting the association's recovery from a crisis and its growth in membership and industry diversity.

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I believe we have come to our rightful place.