KEPCO in High Gear to Tap Overseas Business

President Kim stresses breaking the mold to brace for the future

Korea Electric Power Corp. (KEPCO) President Kim Joong-kyum said his company aims at raising the portion of 2012 revenues from overseas business to up to 50 percent.
Kim made the remark at a ceremony to launch the 2012 business year at the KEPCO headquarters on Jan. 2. "The local business sector, which sees tepid growth, is limited in creating new jobs, so there needs be employment created through the exploration of new areas and content overseas," said President Kim. "Management efficiency through automation, unmanned operation and being 'intelligent' could bring about a reduction in jobs and surplus manpower as well as worries that there will be an internal and external call for a manpower cut."
The KEPCO president said, "We aim to enhance the portion of revenues from overseas business from the current 3 percent level to 50 percent."
Kim warned that KEPCO will face a new environment while exploring overseas markets, and if the company rests on its laurels, it could collapse, as the Mongolian regime did the moment Mongolians got off their horses. He said, "We should face up to the reality in which we will die unless we break the mold." He stressed that the company should be reborn as a "Young KEPCO." To this end, Kim urged his men to brace for the future quickly with fast execution power, have a mindset of dedication, and pursue endless changes and challenges.
Finally, Kim called for stabilizing the electricity supply, building confidence, ensuring a sound financial situation and ramping up profitability, creating employment, and promoting corporate social responsibility.
The following are excerpts of the speech by KEPCO President Kim: "As you know, the year 2011 saw the global financial crisis weaken the global economy as well as undermine the local economy. Some research institutes, information agencies and media outlets report that the economic situation will likely get worse this year than last year.
The financial crisis that spread from Europe has hit hardest the local economy and the Korean currency, bringing signs of uncertainty.
No wonder Korea's economic structure, in which more than 80 percent of the Korean economy depends on exports, has experienced serious repercussions from the sagging global economy.
In particular, our company has been weighed on heavily by rising debts caused by losses since 2008 and mounting interest payments amidst the worsening of its financial conditions.
Now, we have to be reborn as a young KEPCO, as the Black Kite goes through harsh changes and innovation to obtain a second life. Thinking of only small changes can take us nowhere. We need to have an innovative mindset to be reborn with a strong desire for genuine change and an unswerving spirit to overcome any hardships.
Based on this, all members at KEPCO must join forces in creating a new corporate culture of change and innovation.
Let me talk about management policies we have to implement during this year on the basis of the new corporate culture.
First, we have to ramp up the stabilization of our power supply and build trust with our customers. KEPCO should improve its financial soundness and upgrade management systems. We have to create employment by expanding our overseas business and enhance our profitability.
Finally, we will strive to make our fullest efforts to ensure corporate social responsibility. We will do our utmost to create jobs for the underprivileged, such as North Korean refugees and multicultural families, as well as ease the polarization of society.
KEPCO will also take the lead in ensuring shared growth with SMEs in the power industry. We also plan to strengthen our role as the control tower of the industry by integrating responsibilities that now diverge into several fields while reinforcing cooperation in the joint exploration of foreign markets and ramping up competitiveness through the creation of core technology." nw

(left) Korea Electric Power Corp. (KEPCO) President Kim Joong-kyum.
KEPCO President Kim speaks at a ceremony to begin his company's 2012 business year.