Jung Sye-kyun and Hwang Kyo-ahn Visit Shin Kyuk-ho's Funeral Hall: "Remarkable Achievements Made Abroad" (Comprehensive)

"During the country's economic hardships, companies achieved success with indomitable will"
"It would have been difficult to achieve results abroad rather than domestically"
Expecting future generations to lead South Korea's future industries as well

Prime Minister Chung Sye-kyun (center) is seen walking out after paying his respects at the funeral hall of Lotte Group Honorary Chairman Shin Kyuk-ho around 8:46 PM on the 20th.

[Asia Economy Reporter Cha Min-young] The procession of condolences from government officials, business leaders, and political figures to mourn Shin Kyuk-ho, Honorary Chairman of Lotte Group who passed away at the age of 99, continued late into the night past 9 p.m. on the 20th.

At around 8:46 p.m. that day, Prime Minister Chung Sye-kyun arrived at the funeral hall of Asan Medical Center in Seoul and paid his respects for about 15 minutes before leaving. He recalled, "The deceased was a capable entrepreneur who would have found it difficult to achieve success outside Korea," adding, "Since I was originally in the Ministry of Trade, Industry and Energy, I had occasions to meet him."

He continued, "The deceased built his business with an indomitable will, and I hope that today's younger generation and the next generation will inherit Korea's future industries with the same kind of determination as he had."

Arriving at the funeral hall alongside Prime Minister Chung, Hwang Kyo-ahn, leader of the Liberty Korea Party, said, "I spoke about how he, along with (Samsung Group founder) Lee Byung-chul and others, worked hard to revive the economy during difficult times," and added, "I have met the deceased's son in a professional capacity, but I have no personal anecdotes."

Lotte Group Honorary Chairman Shin Kyuk-ho's funeral hall was visited around 8:46 PM on the 20th by Hwang Kyo-ahn, leader of the Liberty Korea Party (center), who is seen walking out after paying his respects.

He added, "When the country was in hardship, he went to Japan and made great efforts, and I will make special efforts to embrace the spirit that sparked the early economy and the future of Korea-Japan relations."

Earlier, Kim Sang-jo, Chief Presidential Secretary for Policy, arrived at around 5:42 p.m. and conveyed condolences from President Moon Jae-in. He said, "(President Moon) praised the deceased as a founding generation who laid the foundation of the Korean economy from distribution to food and petrochemicals."

He added, "Especially, he highly evaluated the role the deceased played as an economic bridge between Korea and Japan, and asked that Lotte Group continue to play a role in private diplomacy in Korea-Japan relations in the future."

Along with Kim Sang-jo, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki visited and said, "The deceased pioneered businesses in various fields such as food, distribution, tourism, and construction during the industrial wilderness period, and later expanded into petrochemicals, laying the cornerstone for Korea's economic and industrial development."

He continued, "At a time when entrepreneurial spirit is desperately needed, I think the same pioneering spirit and passionate management shown by the deceased will resonate greatly now and in the future," and offered his condolences.

SPC Group Chairman Huh Young-in is seen leaving after paying respects at the funeral hall of the late Shin Kyuk-ho, Honorary Chairman of Lotte Group, set up at Seoul Asan Medical Center in Songpa-gu, Seoul, on the afternoon of the 20th. Photo by Kang Jin-hyung aymsdream@

Heo Young-in, Chairman of SPC Group, visited the funeral with key executives including Lee Myung-gu, CEO of SPC Samlip, Hwang Jae-bok, CEO of Paris Croissant, and Heo Jin-soo, Head of SPC Group Global BU. Chairman Heo said, "I express my deep condolences on the passing of Honorary Chairman Shin Kyuk-ho, who devoted himself to economic growth and industrial development," adding, "He was a pioneering figure who laid the foundation of the domestic food and distribution industries and built a global company."

Earlier that day at around 1:52 p.m., former Prime Minister Lee Nak-yeon visited the funeral hall of Honorary Chairman Shin. After about 10 minutes of paying respects, Lee said, "I have no personal connection, but I have met Lotte Chairman Shin Dong-bin several times," and added, "There was a period when the deceased's life and the Korean economy followed the same trajectory, rising from nothing to achieve high growth and miraculous accomplishments."

He continued, "He was one of the key figures who led Korea's high economic growth, and as the eldest among them has now passed away, I came to express my condolences."

Lee Jae-hyun, Chairman of CJ Group, visited the funeral with Park Geun-hee, Vice Chairman of CJ Group, Kim Hong-gi, CEO of CJ Corporation, Kang Shin-ho, CEO of CJ CheilJedang, and Heo Min-hoe, CEO of CJ ENM. Chairman Lee reportedly said while consoling the bereaved family, "It is regrettable to lose a giant who greatly contributed to our country's economic growth and industrial development. I pray for the deceased's soul."

In the morning, Samsung Electronics Vice Chairman Lee Jae-yong was the first business leader to visit for condolences. After his visit at around 9:37 a.m., other visitors included Chung Ji-sun, Chairman of Hyundai Department Store, Harry Harris, U.S. Ambassador to Korea, and Choi Chang-won, Vice Chairman of SK.

Honorary Chairman Shin Kyuk-ho passed away at 4:29 p.m. on the 19th at the age of 99. The funeral will be held as a group funeral to honor the founder of Lotte Group. The funeral procession is scheduled for 6 a.m. on the 22nd, and Honorary Chairman Shin will be laid to rest in his hometown at Seonyeong, Ulju-gun, Ulsan.