[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] Yeungnam University announced on the 20th that it awarded an honorary Doctor of Engineering degree to Choi Young-soo (75), chairman of KRETEC, a specialized industrial tools company.
Chairman Choi founded a tool company in Daegu in 1971 and has dedicated over 50 years exclusively to the tool industry. He is the driving force behind KRETEC, the largest industrial tool distribution company in Korea.
KRETEC supplies over 1,200 domestic and international brands and approximately 130,000 items from manufacturers to about 9,000 domestic distributors and industrial sites.
By systematizing vast industrial tool information, introducing the first standard pricing system and barcode system in the tool industry, and digitalizing product information, KRETEC established a scientific distribution network in the domestic tool industry, contributing to its remarkable growth.
Chairman Choi was recognized for his contributions to national industrial development, receiving the Small and Medium Business Administration’s ‘New Intellectual’ award in 2000, the Prime Minister’s Commendation for Excellence in National Capital Goods Development in 2009, the Corporate Innovation Grand Prize in 2012, as well as the Industrial Medal at the National Quality Management Competition and the Order of Industrial Service Merit (Bronze Tower). In 2020, he was awarded the ‘Korea Distribution Grand Prize Presidential Commendation,’ the highest honor in the domestic distribution sector.
Beyond corporate management, Chairman Choi has actively contributed to social development, serving as president of the Korea Industrial Materials Association, vice chairman of the Daegu Chamber of Commerce and Industry, and president of the Daegu Athletics Federation.
He currently serves as president of the Saemaul Association in Daegu Metropolitan City. He has also led philanthropic activities to fulfill social responsibility, donating over 5 billion KRW to local community development, including contributions to Daegu Prison, Gyeongsang Middle School baseball team, the Win-Win Growth Research Institute, and various domestic and international disaster relief funds.
He has shown great interest in nurturing local talent. He donated 500 million KRW to establish the ‘KRETEC Hall,’ a student learning space in the Yeungnam University Mechanical Engineering Building, and his total donations to local educational institutions including elementary, middle, high schools, and universities amount to approximately 2.7 billion KRW.
Chairman Choi said, “I have faced several crises throughout my business career, but each time I learned, challenged, and innovated to reach where I am today. I will cherish this honorable honorary doctorate deeply in my heart. With humility, I will work harder and continue on my path. As a businessperson, I will also fulfill my social responsibilities.”
President Choi Oe-chul of Yeungnam University, who awarded the degree, said, “Chairman Choi has practiced ‘responsible’ management for over 50 years since founding his company, elevating KRETEC to the top position in Korea’s tool industry. His footsteps in consistently fulfilling social responsibilities as a businessperson will serve as a model for future generations.”
KRETEC consists of KRETEC Responsibility, focusing on machine tools, and KRETEC Welding, specializing in industrial safety products. Currently, it employs 800 people and is targeting sales of 600 billion KRW this year.
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