Economic Circles Mourn Chairman Lee Kun-hee as a Gambler, Reformer, and Patriotic Business Leader

[Asia Economy Reporter Kim Hyewon] The business community expressed deep condolences over the passing of the late Lee Kun-hee, Chairman of Samsung Group, who died on the 25th.

The Federation of Korean Industries (FKI) released a statement on the day, saying, "Chairman Lee was not only the leader who grew Samsung into a top-tier global company but also the greatest leader in the business world who elevated South Korea's economy to the ranks of advanced countries."

The FKI honored the late chairman, stating, "With his extraordinary determination and spirit of innovation, he led the semiconductor industry to become Korea's representative key industry and dominated the global smartphone market."

The FKI also emphasized, "Chairman Lee's influence extended beyond the business sector. By securing the 2018 Pyeongchang Winter Olympics, he greatly enhanced the nation's prestige and personally practiced the spirit of coexistence by caring for the underprivileged in various parts of society."

They added, "Chairman Lee's innovation spirit, epitomized by his phrase 'Change everything except my wife and children,' will forever remain in the hearts of our entrepreneurs. We will inherit that spirit and use the current economic crisis as a stepping stone for economic re-advancement."

Huh Chang-soo, Chairman of the FKI, in a eulogy titled 'You Are Forever Number One,' recalled, "As a great elder of South Korea's business community, he guided the path our companies should take and embraced the pains of society. He was a business leader who rooted the semiconductor industry in this land and practiced business patriotism by creating future growth engines for Korea."

Chairman Huh paid tribute to the late chairman as "a decisive and leadership-driven competitor at crossroads of choice," "a reformer who shouted that survival depends on change," "a perfectionist who never compromised on quality," and "a patriotic business leader who worked hard for building a better future nation and loved his country more than anyone else."

The Korea Employers Federation (KEF) also expressed deep condolences with respect and said, "The business world mourns the passing of Chairman Lee, a great star of the business community who led the development of our country's industry with indomitable spirit and strong leadership."

In a statement, KEF recalled, "'The sovereignty of industry constantly flows. We must not stop challenging ourselves' (from Samsung Electronics' 40th anniversary publication)," and added, "Chairman Lee, who had a great passion for technological advancement during his lifetime, transformed Samsung from a small Asian company making black-and-white TVs into a world-class global leader in the information and communication technology (ICT) industry."

They continued, "Especially, Chairman Lee's 1993 'New Management Declaration (Change everything except my wife and children),' which we all remember, became the turning point for Samsung to leap into a globally recognized brand through rigorous quality innovation. Through this, Samsung Electronics established itself as a representative national company that drives exports and job creation by practicing business patriotism."

KEF also stated, "The business community wishes for 'continuous' development for Samsung as it leaps toward becoming a 100-year company after half a century. We will inherit Chairman Lee's entrepreneurial spirit, who presented the direction of the Korean economy with a challenging spirit and strong leadership in every crisis, and do our best to overcome the current economic crisis and restore economic vitality. We also hope Samsung will strive to lead the Fourth Industrial Revolution era through labor-management harmony and management innovation."

The Korea Chamber of Commerce and Industry (KCCI) said, "Chairman Lee nurtured Samsung into a global top-tier company by boldly innovating and challenging new industries such as semiconductors and mobile technology," adding, "He led Samsung's transformation and success, instilling confidence that we too can become the best in the world, and greatly contributed to upgrading Korea's industrial structure into a high value-added advanced industry by continuously pioneering future industries and actively promoting investment."

KCCI extended deep condolences to the bereaved family and group executives and employees, stating, "The business community will inherit and develop the late chairman's spirit of challenge and innovation."

The Korea International Trade Association (KITA) issued a statement expressing deep condolences on the passing of Chairman Lee, who made a significant mark on the Korean economy, saying, "Chairman Lee grew Samsung Group into the world's top company and greatly contributed to making Korea a trading powerhouse and an advanced economy."

KITA added, "The trade industry will honor the late chairman's achievements and spirit and strive harder so that trade can overcome current difficulties and fulfill its role as the central axis of the Korean economy."