Late Hyosung chairman honored Korea-US friendship award
Late Hyosung Chairman Cho Suck-rai speaks during the 20th U.S.-Korea Business Council meeting in Washington, D.C., in June 2007. Courtesy of Hyosung Group
Late Chairman Cho Suck-rai recognized for decades of Korea-US economic diplomacy
Late Hyosung Group Chairman Cho Suck-rai / Courtesy of Hyosung Group
Late Hyosung Group Honorary Chairman Cho Suck-rai has been posthumously awarded the Korea-America Friendship Award in recognition of his decades-long efforts to strengthen economic ties between Korea and the United States.
The group said that the late chairman received the 24th annual award from the Korea-America Association (KAA) at its ceremony on Monday in Seoul, with his son, Hyosung Chairman Cho Hyun-joon, accepting the award on his behalf.
The association recognized Cho Suck-rai for his efforts to strengthen bilateral economic ties, particularly his role in rallying business support for the free trade agreement between Korea and the U.S. and helping secure Korea's entry into the U.S. Visa Waiver Program.
Accepting the award, Cho Hyun-joon expressed gratitude on behalf of his family, noting that his grandfather, former KAA Chairman Song In-sang, had received the same honor in 2004.
"It is deeply meaningful to see that my father's lifelong wish for a Korea-U.S. alliance in which the two countries understand each other and grow together is becoming a reality today," He said.
"I will keep his legacy close to my heart and do my utmost to ensure that the Korea-U.S. alliance remains strong for future generations."
The late chairman was widely regarded as one of Korea’s leading private-sector diplomats, drawing on his foreign language skills, extensive overseas business experience and global network to advance the country's economic interests abroad.
He served as chairman of the business think tank Pacific Basin Economic Council in 2002 and subsequently held leadership positions at major business organizations, including the Federation of Korean Industries, the U.S.-Korea Business Council (USKBC) and the Korea-Japan Economic Association.
One of his most significant contributions was helping lay the groundwork for the Korea-U.S. Free Trade Agreement (KORUS FTA).
While serving as chairman of the Korean side of USKBC in 2000, the late chairman became the first Korean business leader to publicly advocate a bilateral FTA, arguing that trade liberalization was essential to integrating the country’s economy into global markets.
Late Hyosung Chairman Cho Suck-rai, left, and former U.S. President George W. Bush pose at the Federation of Korean Industries' summer forum on Jeju Island in July 2009. Courtesy of Hyosung Group
He led joint research initiatives between business communities in the two countries and worked to build support for formal negotiations in 2006.
Cho Suck-rai remained involved throughout the negotiating process, meeting with government officials, lawmakers and business leaders on both sides to build consensus and help overcome disagreements.
He also helped mediate tensions surrounding Washington's demand for Korea to reduce its screen quota, which required local theaters to show domestic films for a certain number of days each year. The issue had become a major obstacle to negotiations, amid opposition from the Korean film industry.
After the two sides reached an agreement in 2007, he continued lobbying efforts, traveling to Washington in 2007 to urge U.S. lawmakers to ratify the deal.
The late chairman also played a key role in securing Korea's inclusion in the U.S. Visa Waiver Program in 2008, which allows eligible Koreans to visit the U.S. for tourism or business for up to 90 days without obtaining a visa.
He argued that closer economic ties required the free movement of people as well as goods. He also sent a letter directly to the U.S. secretary of state urging Korea's inclusion in the program and established a dedicated visa subcommittee within the USKBC to coordinate efforts.
From left, AIG Chairman Hank Greenberg, late Chairman Cho Suck-rai and Hyosung Chairman Cho Hyun-joon attend the 17th U.S.-Korea Business Council meeting in July 2004. Courtesy of Hyosung Group
Beyond his bilateral activities, Cho Suck-rai contributed to expanding Korea's presence in the global business community through his leadership in international economic organizations.
He received the Gold Tower Order of Industrial Service Merit, the highest state honor bestowed on business leaders, in 1987. He also received awards recognizing his contributions to the 10th anniversary of the KORUS FTA and the Lee Hong-koo Diplomacy Award, formerly known as the Youngsan Diplomat Award.
The Korea-America Friendship Award has been presented annually by the KAA since 2002 to individuals who have made significant contributions to promoting friendship and strengthening ties between the two countries.
Past recipients include Horace Underwood, the former president of Yonsei University, retired Army Gen. Paik Sun-yup, former U.N. Secretary-General Ban Ki-moon and Chung Se-yung, former honorary chairman of Hyundai Development Company.
About 300 people from Korea and the U.S., including U.S. Ambassador to Korea Michelle Steel, attended the ceremony.