Economy Sector: "Former President No Tae-woo Achieved Foundations for Northern Diplomacy and Economic Development" (Comprehensive)

Former President Roh Tae-woo [Image source=Yonhap News]

[Asia Economy Reporters Kim Heung-soon and Yoo Je-hoon] The business community expressed condolences on the passing of former President Roh Tae-woo on the 26th, while highly appreciating his diplomatic achievements and the foundation he laid for national economic development.

The Korea Employers Federation stated in a press release that "Although there are various conflicting evaluations of former President Roh's tenure, he established the foundation for enhancing our country's diplomatic status and national economic development through hosting the Seoul Olympics, the simultaneous admission of South and North Korea to the United Nations (UN), and official diplomatic relations with countries such as the Soviet Union and China."

The Federation of Korean Industries also evaluated that "Through the June 29 Declaration, he established the direct presidential election system and revived the values of liberal democracy, and successfully hosted the 1988 Seoul Olympics, elevating the nation's stature."

They added, "He raised South Korea's diplomacy to an advanced level through northern diplomacy and led rapid economic growth based on freedom and openness, making efforts for the country's development." In response, the Federation pledged, "The business community will remember the late president's dedication to the Republic of Korea and strive even harder for our economy and national development."

The Korea International Trade Association, representing the trade industry, emphasized, "The year 1988, when former President Roh took office, was the year our country successfully debuted on the international stage by overcoming the scars of war through hosting the Seoul Olympics." They highlighted, "The late president laid the groundwork for our country's emergence and leap on the international stage through the Olympics, and promoted northern diplomacy by establishing diplomatic relations with countries such as China and the former Soviet Union, laying the foundation for today's New Northern Policy."

They added, "The trade industry honors his achievements and will continue to work so that our country can take another step forward on the international stage."

The Korea Chamber of Commerce and Industry also stated, "The late president expanded our country's diplomatic horizons and successfully hosted the Seoul Olympics, raising the national prestige," and "contributed to national economic development through the construction of Incheon International Airport and the Gyeongbu High-Speed Railway."

Former President Roh had been bedridden for a long time due to chronic illness and was recently hospitalized at Seoul National University Hospital due to worsening symptoms, receiving intensive care from medical staff, but passed away at the age of 89 on this day.