Chairman Heo Chang-soo: "70 Years After the Korean War, South Korea is an Economic Power... Let's Unite Our Strength Again"

"70th Anniversary of the Outbreak of the Korean War: Appreciation Ceremony Inviting Participating Countries"
Ambassadors from 22 UN Command Participating Countries Gathered in One Place

Huh Chang-soo, Chairman of the Federation of Korean Industries, is announcing the 'Urgent Economic Proposal' in response to the spread of COVID-19 at the Federation of Korean Industries building in Yeouido, Seoul, on the 25th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Dongwoo Lee] On the 70th anniversary of the outbreak of the Korean War, the Korean business community invited ambassadors from the 22 UN Command countries to one place to express their gratitude.

The Federation of Korean Industries (FKI) announced on the 18th that it held the "70th Anniversary of the Korean War Participating Countries Invitation Appreciation Ceremony" at the War Memorial of Korea and the Army Officers' Club. This is the first time that the private business sector has invited all participating countries to hold a gratitude event.

The event began with a joint wreath-laying ceremony at the War Memorial of Korea, followed by an appreciation plaque presentation and a gratitude luncheon at the Army Officers' Club.

Huh Chang-soo, chairman of the FKI, said, "Seventy years ago, Korea, which had no resources, capital, technology, or experience, could only rely on the 22 countries that came to save us." He added, "The Republic of Korea, ranked 6th in global exports, 6th in manufacturing, and among the top 10 economies worldwide, is a country built together by 22 countries through the Korean War, a common human war to protect the value of freedom."

He further expressed concern over the current international reality where the principles of openness and cooperation have been disrupted by COVID-19, emphasizing, "Now is the time when the partnership that saved each other, proven by the Korean Peninsula to the world 70 years ago, is required."

Min Hong-chul, chairman of the National Assembly's Defense Committee, said in his congratulatory speech, "As the newly appointed chairman of the 21st National Assembly's Defense Committee, I will consider and strive for the role of the parliament so that the Republic of Korea, created by the blood and sweat of the 22 participating countries, can contribute to world peace and security."

Defense Minister Jeong Kyeong-doo expressed his determination, stating, "We will continue efforts to protect peace with 'strong power' and create new peace so that the painful history of the past will never be repeated on this land."

The total number of Korean War participants from 22 countries was 1.95 million, with the United States accounting for 1.6 million (over 36,000 casualties). The security partnership with the participating countries has extended to economic partnerships, with trade volume with these countries accounting for 32% of Korea's total trade volume as of 2018, 42% of Korea's total overseas investment, and 53% of foreign investment coming into Korea.

Korea's economic scale (GDP) rose from 21st among the 22 participating countries in 1961 to 8th in 2018 (from $2.4 billion to $1.6194 trillion, a 675-fold increase), and export volume rose from 22nd to 4th (from $38 million to $601.1 billion, a 15,818-fold increase).

Especially, based on 1953, just after the war, Korea's economic achievements are even greater: GDP increased approximately 38,000 times (47.7 billion KRW in 1953 to 1,813 trillion KRW in 2018), and export volume increased about 33,400 times (18 million USD in 1953 to 601.1 billion USD in 2018). Additionally, Korea was the first country to transition from an international aid recipient to a donor country, with overseas aid reaching $2.7 billion in 2019.

The 22 UN participating countries helped Korea in various roles, from dispatching combat troops to providing medical supplies and professional medical personnel during the fierce battles of the Korean War that lasted over three years.

The United States, which deployed 1.6 million troops and recorded over 36,000 casualties, served as the UN Command's overall commander and fought alongside the Republic of Korea Armed Forces in most battles. France played a significant role in the Battle of Jipyeong-ri, one of the major UN battles, despite having only a quarter of the enemy's numbers. Sweden was the first to dispatch a medical support unit after the outbreak of the war, treating wounded soldiers during the Incheon Landing Operation and stayed the longest until 1957, after the armistice agreement was signed.

Ethiopia, the only African country to send ground troops, deployed the Imperial Guard and played a role in defending Chuncheon at the 38th parallel frontline. Other contributions included Australia, known for its special operations called "Commandos," Turkey, which deployed three times the number of its initial 5,000 recruits and is called the "Brother Country," and Thailand, known as the "Little Tiger" for fighting against Chinese forces. The contributions of the 22 participating countries were diverse. The dispatch of medical personnel, including mobile hospitals and hospital ships, contributed to the early development of Korea's medical technology.

Kim Bong-man, head of the FKI International Cooperation Office, said, "Korean businesspeople strongly believe that the solid security established with the 22 countries 70 years ago has been the foundation for conducting business freely." He added, "Although the situation is cautious due to COVID-19, this event was organized to express gratitude to the participating countries that made today's Republic of Korea possible by commemorating the 70th anniversary of the Korean War."

Meanwhile, the FKI has been showing appreciation to veterans by inviting them to economic cooperation committee meetings held in participating countries. Earlier this month, Chairman Huh Chang-soo sent letters of appreciation for the 70th anniversary of the Korean War to 135 members of the U.S. Congress. The FKI also hosted a veterans' appreciation dinner in the U.S. last June and organized a farewell dinner for 600 veterans invited for the 50th anniversary of the armistice in 2003, continuously promoting appreciation projects for the Korean War participating countries from the business community.

At the event, Korean representatives included FKI Chairman Huh Chang-soo, National Assembly Defense Committee Chairman Min Hong-chul, Defense Minister Jeong Kyeong-doo, and War Memorial Director Lee Sang-chul. Ambassadors from all 22 participating countries, including Harry Harris, U.S. Ambassador to Korea, and Simon Smith, British Ambassador to Korea, attended. Notably, despite the COVID-19 crisis, all ambassadors confirmed their early attendance, expressing high trust and friendship in Korea's quarantine system.

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