SK Networks Co., a major trading house in Korea, is betting on Asia’s fast rising economies whose emergence brought in a major change to the international trading landscape.
The general trading arm of SK Group is aggressively expanding its business portfolio to include raw materials, automotive services and retail goods.
The company is focusing on consolidating its position in those sectors in China and further expanding into Indonesia, Vietnam and other emerging markets.
“The core of SK Networks’ global strategy is to expand its presence in the three business areas in China and other emerging markets in order to realize mutual growth with each nation’s consumers, corporate community and governments,” SK Networks CEO Lee Chang-kyu said.
“Along with strengthening the strategic businesses for these markets, we will upgrade all areas of management including human resources, corporate culture and management systems in order to meet our target of becoming a company that prepares for the future for the happiness of the customer.”
Its raw materials businesses center on iron ore and rubber. In January, the company finalized an iron ore supply contract with Canada’s Consolidated Thompson Iron Mines.
Under the contract, the Canadian firm will supply SK Networks with 1 million metric tons of iron ore annually for 10 years, which according to SK Networks is sufficient to build 6 million automobiles.
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