KCCI: "Chairman Shin Kyuk-ho Made Great Contributions to Our Economic Development"

"Still Resonates Deeply with Many Entrepreneurs"

[Asia Economy Reporter Kim Ji-hee] Shin Kyuk-ho, Honorary Chairman of Lotte Group, passed away on the 19th at the age of 99. The Korea Employers Federation expressed its condolences.

In a press release on the same day, the Federation stated, "Honorary Chairman Shin laid the foundation for the establishment of Lotte Group in Japan in 1948, shortly after liberation, and following the normalization of Korea-Japan diplomatic relations in 1965, he invested in domestic industries under the banner of serving the nation through business. He greatly contributed to the modernization of the domestic distribution and tourism industries, thereby significantly advancing the Korean economy."

They added, "In particular, the passion and spirit of challenge that the late chairman demonstrated while growing Lotte Group continue to resonate deeply with many business leaders today."

The Federation also said, "The business community will emulate the late chairman’s words and entrepreneurial spirit at the time of establishing Lotte Confectionery Korea, 'to serve society and the nation through quality-first and labor-management cooperation,' and will make every effort to help our national economy and industry take a further leap forward."

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