Huh Chang-soo, Chairman of the Federation of Korean Industries.
[Asia Economy Reporter Kim Hyewon] Huh Chang-soo, Chairman of the Federation of Korean Industries, on the 20th commemorated Shin Kyuk-ho, Honorary Chairman of Lotte Group, who passed away on the 19th, as "a mythical figure in the Korean economy who established the first company on this land, which was like a wasteland in 1967, and built a world-class group through relentless challenges and indomitable will."
The Federation of Korean Industries mourned the deceased immediately after Honorary Chairman Shin's passing in a statement the previous day, and on this day released a eulogy in Chairman Huh's name to honor him.
In the eulogy, Chairman Huh said, "Suddenly leaving us, a heart-wrenching pain and emptiness overwhelm me," and "Today feels like the sky is resentful, thinking that we can no longer see the Chairman's warm smile."
He continued, "(Honorary Chairman Shin) brought about an advanced tertiary industry in the poorest country and made it a prosperous nation envied by the world," adding, "In the 1970s, when there was a lack of food and entertainment, he believed that people would be happier by experiencing better food and more diverse cultures, leading the development of the food and tourism industries."
He recalled that the late chairman valued '기업보국 (Gieopboguk - contributing to the nation through business)' during his lifetime, saying, "He did not hesitate to support the 1986 Asian Games and the 1988 Seoul Olympics, which introduced Korea's economic development to the world, and during the foreign exchange crisis, he actively introduced large-scale foreign capital to revive the Korean economy and contributed his private assets to companies to save the economy."
Chairman Huh reflected that the late chairman aimed not only to showcase cultural heritage but also to create attractions himself through '관광입국 (Gwangwangipguk - establishing the nation through tourism),' and that he initiated tourism and culture as new industries in this resource-poor land. He reminisced, "He built global-level hotels and department stores and established the world's largest indoor theme park at the time."
He also mentioned that the late chairman showed exceptional passion for culture and sports by directly creating sports teams, nurturing outstanding athletes, and sponsoring sports such as Go and boxing during difficult times, producing world-class players.
Chairman Huh said that the late chairman did not hesitate to support and help socially vulnerable and marginalized neighbors, stating, "He treated the pain of those suffering through overseas relief and medical volunteer work beyond our country."
He mourned, "Our economy is facing great difficulties, and the late chairman's experience and wisdom are more desperately needed than ever," adding, "The void left by the late chairman, who quietly led the Korean economy, is felt even more deeply."
He concluded the eulogy by saying, "Just as the high aspirations the late chairman dreamed of remain in the country's tallest tower, his path will also remain and continue forever on this land," and "The younger generation will cherish and carry on his will and protect his path."
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