By Kim Hyun-bin

Hanwha Group Chairman Kim Seung-youn stressed the need for continuous innovation during the conglomerate's 70th year anniversary.

"We must be wary of yesterday's Hanwha and always be innovative," he said in an in-house broadcast, according to Korea's seventh-largest business group, Tuesday.

"Hanwha's past 70 years are a history of expanding Korea's industrial landscape through constant challenges and pioneering. Let's lead a new paradigm."

Kim also emphasized the importance of continuous innovation in order for the Hanwha Group to reach 100 years.

Hanwha Group Chairman Kim Seung-youn

Since its foundation in 1952, Hanwha Group succeeded in localizing gunpowder under the founding ideology of "business patriotism" and took the lead in the post-war reconstruction process. Recently, it has contributed to the national interest by expanding exports in the defense industry and entering the space industry.

Hanwha Group is focusing on strengthening synergy between businesses and discovering new growth engines through continuous business reorganization and investment.

The integrated Hanwha Solutions was launched in 2020 and is now generating remarkable results in the global market. Hanwha Corp. is also specializing in materials, equipment and infrastructure by merging its 100 percent subsidiary, Hanwha E&C, and acquiring Hanwha Precision Machinery, a subsidiary of Hanwha Aerospace.

Hanwha Group is promoting changes toward a sustainable future in all areas of its business. Since the establishment of the group's environmental, social and corporate governance (ESG) committee in May last year, ESG committees were established in major affiliates including finance and manufacturing, to publish sustainability reports.

Hanwha Group is actively engaged in the space industry with the Hanwha Space Hub, which was launched last year. The recent takeover of Daewoo Shipbuilding & Marine Engineering (DSME), aims to protect key national industries and strengthen competitiveness.

Hanwha Group affiliates also celebrated the 70th anniversary by holding events to commemorate the founding of each company and rewarded long-term employees.