Senior care is the top candidate for GS Global's (001250) new business, according to CEO Kim Sung-won. He judges that population aging is an irreversible demographic trend and that there are clear areas within it where a general trading company can excel.
The first problem Kim points out in the senior care business is that "there is no one to care for ailing elderly people." Korea's caregiver supply has already reached a critical point. Daily costs amount to hundreds of thousands of won, and Korean-speaking domestic caregivers are in chronic short supply. The paradox that caregivers themselves, who should be looking after the elderly, are also aging is another serious issue.
The breakthrough Kim is focusing on is the use of overseas workforce. "Through business trips, I personally confirmed that there is a significant workforce in Southeast Asian countries learning Korean and wishing to work in Korea," he said. "With the spread of K-pop and K-culture, the population learning Korean has grown, and if we combine this with specialized nursing education, we can create a new supply route for reliable caregivers."
Just as foreign workers were once brought in through the industrial technology trainee system, Kim believes that stably connecting overseas caregivers with specialized training is a business that large corporations with established trust can pursue. In fact, Japanese general trading companies are also developing similar businesses.
He is also designing the market entry structure in stages. The first stage is the import and distribution of senior care-specific products. This involves sourcing and supplying specialized product categories distinct from general medical goods, such as electric wheelchairs, bathroom aids, AI-linked fall detection devices, and smart beds, from overseas. For a general trading company whose core business is trading and logistics while monitoring global market trends, this is the most natural starting point.
In the second stage, the company plans to expand into the overseas professional caregiver supply business. In the long term, it aims for an integrated model that combines senior housing, care services, and product supply.
Kim is also considering synergies with GS Group affiliates. "GS E&C already has experience in senior housing business in Yongin, and Parnas Hotel has recently shown interest in the premium senior care market," he said. "If GS Global's trading and logistics capabilities are added, it will be possible to build a group-wide senior care ecosystem." He also expressed strong determination, saying, "The idea is to find capabilities that general trading companies can excel at and definitely enter the senior care market." GS Global is currently in contact with related startups to flesh out its business model.
