Yoon Ja-young is in charge of articles translated by a generative AI system and edited by The Korea Times. She is interested in improving the newspaper through AI.
Kodeco founder passes away at 96
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Choi Gye-wol
By Yoon Ja-young
By Yoon Ja-young
Kodeco Group Chairman Choi Gye-wol, who set up Korea’s first overseas investment company in Indonesia, passed away on Nov. 27. He was 96.
Born in Changwon, South Gyeongsang Province, in 1919, Choi moved to Japan with his family when he was six years old. He graduated from Waseda University, majoring in law.
After gaining trading experience with Japanese companies, he founded Korea Development Company (Kodeco) in Indonesia in 1963, which focused on developing timber in Kalimantan. Borrowing $4.5 million from the Korean government, Kodeco became the country’s first overseas investment company.
The successful development of the virgin forest on Indonesia’s Borneo enabled Choi to advance into the energy business, developing an oil field in Madura, Java, that produced liquefied natural gas (LNG) in 1994.
In 1995, he was awarded by the Indonesian government for his contributions to the country’s economic development.
He expanded his business into diverse sectors, including rubber, cement and thermal power generation. However, his activities were disrupted by the Asian financial crisis in 1997.
Choi had been living mostly in Japan over the past few years. He suffered from kidney disease but he didn’t let it stop his passion for business. Most recently, he was focused on the bio-energy business with Kodeco’s palm farm in Kalimantan awaiting harvest next year.
Choi’s lifetime dedication to overseas business development is reflected in the company’s motto ― friendship between Korea and Indonesia, honor for the country and prosperity for the business.
His funeral was held at a temple in Tokyo.