Dear respectable members of KIPEC.

2017 has come with the end of the eventful year of 2016. Wish you and your family a joyful, healthy and prosperous and happy new year.

Thank you for the concern and participation in society despite harsh economic condition last year, 2016. In spite of overall recession in plant industry, our society has grown with the support of corporate members. In return for the support of the members, our society will faithfully carry out our duty as a representative of Korean plant industry’s academic society.

Korea’s plant industry is now facing the harsh challenge. Due to the realization of the accumulated problems through the quantitative growth and long-term low oil price followed by the order opportunity reduction in the foreign market. In the last year, the winning bid from overseas has not been successful and the domestic market had nearly frozen. The global economic recession seems to continue this year 2017. Paris agreement announced in last November had laid a burden of green-house gas reduction target on industry. It seems that we are currently in an overall critical situation. In view of the size of the plant industry and relating effect of the industry, the current situation could have negative effects on the individual company and moreover national economy.

But we have wisdom and experience to turn crisis into opportunity. Though we have suffered large-scale restructuring during IMF period 20 years ago, our plant industry has maintained its position. When the international financial crisis occurred 10 years ago, we made our major competitor’s recession an opportunity to strengthen our industry’s capability to win the contract. We have learned through a trial and error of excessive competition and weak project management. By avoiding nearsighted human resources and risk management, we could overcome current challenges and strengthen our competitiveness in the global market with the rise of oil price followed by business recovery.

Our society’s goal for the new year is clear. That is seeking ways to make a new leap by overcoming challenges we are facing and reinforcing current plant industry. Developing tax reform and financial support program to give a new energy to the industry would be an example. To achieve the goal effectively, our society will make an environment for all parties of the plant industry to communicate and share necessary information within the boundary of academic society free of outside interference. Committee members and all members of our society, please participate with a keen interest to achieve our goal.

Once again, wish all members and family a joyful, healthy and corporate members a prosperous year. Thank you very much.

2017 New Year’s Morning

Chairman of KIPEC Hoseon Yoo