FKI: "Chairman Shin Kyuk-ho, the Founder of South Korea's Industrial Foundation"

[Asia Economy Reporter Dongwoo Lee] Shin Kyuk-ho, Honorary Chairman of Lotte Group, passed away on the afternoon of the 19th at the age of 99. The Federation of Korean Industries (FKI) mourned his death.

In a statement released that day, the FKI expressed deep condolences, saying, "Our business community deeply mourns the passing of Chairman Shin Kyuk-ho, who dedicated over half a century to the growth of the Korean economy and industrial development. Chairman Shin was a pioneer of South Korea's economic growth. As a first-generation entrepreneur, he grew Lotte into the nation's leading distribution and food company through his visionary insight and dedication."

They added, "Chairman Shin did not stop there; he expanded his business scope to service, tourism, and petrochemical sectors, laying the foundation for various industries in South Korea. His commitment to the belief of 'business serving the nation' led him to invest generously in his war-torn homeland, becoming a cornerstone in rebuilding the country and revitalizing the economy, which was once an industrial wasteland."

The FKI also referred to the recent difficult Korea-Japan relations, stating, "The passing of Chairman Shin, who was nicknamed 'The Manager of the Korea Strait' for his efforts to promote economic exchange between Korea and Japan, is an immense loss and sorrow for our economy."

Finally, they declared, "Our business community will inherit the late chairman's lifelong emphasis on 'business serving the nation' and the spirit of 'challenging DNA,' enhancing entrepreneurial spirit and striving even harder for the development of our economy and nation."

This content was produced with the assistance of AI translation services.