GS Group said Thursday it will establish a venture capital firm in Silicon Valley in the first half of next year, as part of its plan to seek new growth engines.

The decision was made during a two-day meeting of top executives held in Taipei, Taiwan, chaired by GS Group Chairman Huh Chang-soo. The list of executives who attended the meeting includes, GS Engineering and Construction Vice Chairman Huh Myung-soo, GS Home Shopping Vice Chairman Huh Tae-soo and GS Vice Chairman Jeong Taek-geun. 

They also discussed ways of expanding the conglomerate’s entry in Taiwan and Southeast Asian countries. Since 2011, GS has picked foreign countries to hold executive meetings to seek ways to raise its profile as a global company. This year’s meeting was held in Taiwan to focus on the country’s efforts to transform its operations with innovative companies.

“In the difficult business environment, GS has been driving its global strategy to go beyond its limits through open-minded learning process and accumulation of experiences,” said Chairman Huh. “To build competiveness, we need to focus on innovative Taiwanese companies that have been striving to make the country Asia’s Silicon Valley with new technologies (in the field of) internet of things, artificial intelligence and biotechnology.”

Taiwan can be a strategic base for GS in its effort to enter global markets, he added, without elaborating on detailed investment plans. Insiders, however, said that GS might have a business opportunity in the country as it has been increasing the use of renewable energy as well as the growing popularity of convenience stores.

By Cho Chung-un (christory@heraldcorp.com)