Hanwha Defense CEO Lee Sung-soo holds a mobile conference with the company’s senior executives and heads of its suppliers to discuss shared growth on June 18. Photo courtesy of Hanwha Defense

Korea’s leading defense firm recognizes best suppliers

Senior executives of Hanwha Defense, South Korea’s leading defense manufacturer, held a meeting on June 17 with around 40 chiefs of its suppliers to strengthen shared growth.

The Seoul-based company convened the meeting through video-conference in line with the government’s guideline of keeping social distance due to the COVID-19 pandemic.

Plus, Hanwha Defense recognized six subcontractors, including Jisung Quality & Tech, and Yeonhab Precision, for their outstanding quality control and product management.

On the back of brisk communications and mutual trust, we will continue to support our suppliers so that we will be able to forge a partnership of sharing growth and profits,” Hanwha Defense CEO Lee Sung-soo said.

It is meaningful to continue the meeting on shared growth through mobile conference despite the virus threat. We will keep trying to find win-win solutions down the road.”

Jisung Quality & Tech head Park Hee-seok thanked Hanwha’s efforts for shared growth.

I am sure that our cooperation will help overcome the crisis caused by the novel coronavirus,” Park said.

Hanwha Defense is a defense business arm of Hanwha Aerospace.

The company has expanded its global business as a total defense solution provider with competitive offerings in artillery systems, armored vehicles, air defense systems, and unmanned ground systems.

Observers point out that the shared growth is a key for companies, which strive to forge a long-term relation and a sustainable ecosystem.

“For companies, long-term viability is more significant than short-term profits. To achieve long-term viability, they have to establish good relationships with their partners, including suppliers,” an industry source said.

“Shared growth with suppliers is indispensable for long-lasting companies, and that is especially the case in modern times when the business environments change so fast.”