Samsung Chairman Presents New 10-Year Plan Jun 6, 2003

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Samsung Group Chairman Lee Kun-hee announced the manufacturer’s second 10-year plan at a conference of more than 50 Samsung subsidiaries' presidents in downtown Seoul. The event was held to commemorate the anniversary of Samsung’s first 10-year plan, which was announced in 1993.

Under the new plan, the group will grow into the world's most respectable corporation that posts 270 trillion won (U.S. $224.6 billion) in sales and 30 trillion won in net profits, Mr. Lee said. It will also have $70 billion worth of brand value as well as 50 items of the world's most competitive products by 2010, he added.

"The country's current economic situation is, we can call it, ‘depression in the U.S. $10,000 per capita income era’ and is similar to circumstances when we [first] declared the new management plan," Lee reiterated. "How we handle these difficulties will decide what we can be, the advanced or the backward."

Since Mr. Lee declared the first management plan 10 years ago, which focused on quality, Samsung Group has improved its operational results and account balance, making it the nation's top business group.

Compared with 1993, sales increased 3.4 times to 141 trillion won last year, net profits surged by 28.4 times to 14.2 trillion won, and the company’s debt ratio fell to 68 percent from 291 percent. (Asia Pulse, Yonhap)

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