Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
YJC CEO inducted into IBK Hall of Fame
Bae Ji-soo, right, CEO of electronics component manufacturer YJC, poses with Industrial Bank of Korea (IBK) Chairman and CEO Yoon Jong-won during a ceremony to honor Bae, who was inducted into the IBK Hall of Fame at the bank's headquarters in central Seoul, Wednesday. Courtesy of IBK
By Yi Whan-woo
By Yi Whan-woo
The Industrial Bank of Korea (IBK) inducted Bae Ji-soo, CEO of electronic component manufacturer YJC, into this year's IBK Hall of Fame for developing technology to produce components, which previously Korea had to rely on Japan for, in the form of imports, the bank announced on Thursday.
Bae will join 38 other entrepreneurs who are part of the Hall of Fame list.
Mid-size enterprise YJC makes heat-resistant ceramic materials used for electronic devices.
Korea's supply of such materials used to rely on Japan, but it is now self-reliant because YJC developed the relevant know-how and technology after it was founded by Bae in 1987.
The company even exports materials back to Japan now.
“CEO Bae was behind the home-grown manufacturing of the materials, and therefore, deserves to be recognized as an innovative entrepreneur,” IBK said in a press release.
During a ceremony, Wednesday, IBK Chairman and CEO Yoon Jong-won expressed hope that Bae's spirit of entrepreneurship would be passed on to young business founders.
“IBK accordingly will make efforts to ensure such spirit thrives across the corporate world,” Yoon said.
The IBK Hall of Fame honors entrepreneurs who have made a significant contribution to economic growth. The bank selects successful candidates using a range of criteria, such as growth potential and the technological competence of the business, as well as efforts concerning environmental, social and corporate governance.