Passion & Expertise:
Striving for business growth
Whatever the business interest, we find passion and expertise at Samsung C&T. Our latest example is Principal Professional Kyle Hong, who works as a fertilizer trader for the company’s Trading & Investment Group.
Over almost two decades, Hong has quite literally helped the fertilizer trading business grow up to become a vital part of Samsung C&T. Let’s find out what drives him and what wisdom he would like to pass on to others.
Being patient to create new opportunities
Samsung C&T’s fertilizer trading business began in 1978 and the company has continuously strived to enhance market competitiveness since then.
In the fertilizer business, diversifying suppliers is a particularly important task – and finding a way to execute that was challenging initially for Hong and his colleagues. To broaden their supply base, they had to be both patient and persistent.
“When we started to develop world markets beyond Asia, some potential partners said we were the first South Korean businesspeople selling fertilizer they had ever met,” Hong recalls. “Despite such difficulties, we strived to carry out as many meetings as possible. The moment we succeeded in closing our first fertilizer deal beyond Asia still remains vividly engraved in my memory.”
Fostering a thriving network of relationships
Hong emphasizes how important relationships are in various aspects of doing business. All countries need fertilizer, so there is a wide distribution of consumers and producers around the world. But in the fertilizer market, most supply lines do not have their own overseas sales networks. Therefore, the role of traders is particularly important in fertilizer trading.
Suppliers and importers choose traders considering factors such as price, stability of sales and supply, and the ability to provide market intelligence. Samsung C&T’s fertilizer trading is well-received in the market as the company has more than 40 years of know-how, strong global networks, and is expanding its presence day by day.
Hong thinks there are many important considerations when it comes to sales, but he believes the most essential thing of all is to build good relationships with customers while tending to their needs. “As you strengthen relationships with customers, you can work together to find new opportunities, thereby creating a virtuous cycle,” he says.
A steadily increasing fertilizer market
It also helps that the fertilizer market is showing steady growth. Fertilizer demand, as measured by consumption of nitrogen, phosphorus, and potassium for fertilizer use, was 185,063 thousand metric tons in 2016 – that figure is expected to rise to 200,919 thousand metric tons in 2022.
Traders need to constantly develop connections between supply and demand in order to maintain and expand their presence in the fertilizer market. And this is why Hong always views the market as a fresh challenge: “We aim to explore new business and share opportunities for mutual growth with our key partners.”
Find out more about fertilizers here.
Hong also believes that solid teamwork is needed for stable business operations. This is partly because he thinks that his own development has been made possible due to the support of fellow members of Samsung C&T.
“I have been able to overcome many difficulties thanks to my colleagues’ help and encouragement while striving to develop new markets and customers,” he says.
Samsung C&T has a workforce made up of individuals with decades of passion and expertise, like Kyle Hong, and is aiming to further strengthen its presence in the growing fertilizer market by going the extra mile with these professionals.