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'Challenger of the Century' Jeong Ju-yeong 20th Anniversary
Photo Exhibition and Commemorative Projects Underway
Memorial Ceremony to Be Held Modestly

A bust of Chung Ju-yung, Honorary Chairman of Hyundai Group, displayed in the first-floor lobby of Hyundai Motor Group's Gyedong Building. A modest memorial space has been set up in honor of his life. The bust, originally located in the annex behind the building, was moved to the headquarters building this year to mark the 20th anniversary.

[Asia Economy Reporters Choi Dae-yeol and Lee Dong-woo] On the 20th anniversary of the passing of Asan Jeong Ju-young, the founder of Hyundai (March 21), the indomitable entrepreneurial spirit of the "Challenger of the Century" is being reexamined. Asan is a representative Korean entrepreneur who, alongside Hoam Lee Byung-chul, the founder of Samsung who built the company in modern Korean economic history, shares a parallel trajectory in Korea's modern economic history.

Kim Hwa-jin, professor at Seoul National University School of Law and author of the book on Chairman Jeong and Hyundai titled "Asan Jeong Ju-young Legacy," said in a phone interview with Asia Economy on the 19th, "Even after becoming the top business leader, Asan continuously practiced 'constant new attempts,'" adding, "He led the company with innovative ideas and energy, which holds great significance today."

Recalling especially the establishment of the Asan Social Welfare Foundation in 1977, which built hospitals nationwide and introduced an innovative healthcare system, as well as writing a column titled "The Internet is the Future" at the age of 85 near the end of his life, she emphasized, "Today's entrepreneurs should learn from Asan's innovativeness and the energy to put it into practice."

Jeong Ju-young, Honorary Chairman of Hyundai Group, wrestling with employees at the summer training camp held on the East Coast

The 20th anniversary memorial committee, centered around the Hyundai family (Chairman Lee Hong-gu, former Prime Minister), will hold a memorial photo exhibition at the Hyundai Motor Group's Gyedong building starting on the 22nd. The Gyedong building is a symbolic space where Chairman Jeong actively conducted management activities during his prime. The bust of Asan, voluntarily collected by employees in 2005, was located in the annex behind this building but has now been moved to the lobby on the first floor of the main building. Hyundai Group created a memorial video titled "Pioneer of South Korea's Economic Development" and distributed it via email to all employees on the day.

Meanwhile, memorial events where family members and employees gather will be held modestly due to difficulties in gathering many people amid COVID-19. Every year on March 20, a memorial rite was held at Chairman Jeong's residence in Cheongun-dong, Jongno-gu, but this year visits will be staggered. The employee memorial event held at the family burial site in Changwoo-dong, Hanam-si, Gyeonggi-do, will also be attended by only a few, including executives. Chung Eui-sun, chairman of Hyundai Motor Group and eldest grandson, plans to visit soon.

Chairman Emeritus Chung Ju-yung of Hyundai Group talking with employees at the Hyundai Heavy Industries shipbuilding site in 1983

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