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Korea builds world’s largest shipyard out of nothing

By Hwang Sung-hyuk President of Hwang & Company South Korea started its first five-year economic development plan in 1962. The plan was a success and expanded the economy. The following five-year economic development program focused on building-up the heavy industry sector, as the main engine for fueling the economy as well as expanding exports. It was during this period that the government decided that the shipbuilding industry would be one of its next growth engines. Founder and chairman of the Hyundai Group Chung Ju-yung had the wholehearted supported President Park Chung-hee's dream, an exquisite harmony between the policymaker and the determined entrepreneur. Furthermore, the market also anxiously awaited the emergence of a large-scale shipyard. Despite the high spirit of the leaders, the country had to start working with its bare hands. The country then had only small, outdated shipbuilding facilities, too primitive to meet international requirements. The shipyards badly needed capital to buy more suitable facilities and develop the technology to build state-o

Employees of mobile-phone carrier, LG Uplus, formerly ...

Park Byeong-yeop, center, Pantech’s vice chairman, ...

Government officials and engineers celebrate the installment ...

Hyundai Motor Vice Chairman Yoon Yeo-chul, second from ..

Cambodian Deputy Prime Minister Keat Chhon, second from ..

Seoul 0lympics gave powerful impetus to great changes in South Korea

By Park Moo-jong President-publisher of The Korea Times ``Seul,’’ the French pronunciation of Seoul, is still vivid in the memory of most Koreans even 22 years after the somewhat unfamiliar pronunciation by the late International Olympic Committee (IOC) president Juan Antonio Samaranch (1920-2010) caught the whole world by surprise on Sept. 30, 1981 in Baden-Baden, West Germany. At 2 p.m. that day, the 80 IOC members entered a closed-door conference room to choose either Seoul or Nagoya of Japan as the venue for the 1988 Olympics. One hour and 45 minutes later, the IOC head came out carrying a vote scorecard. Both Korean and Japanese people were watching the IOC session, televised live, of course, together with their delegates on the scene. Samaranch said, ``Seul.’’ The Korean delegates, led by Hyundai Group founder Chung Ju-yung (1915-2001), sprang up from their seats, shouted and hugged each other in jubilation to the despair of their rivals over the absolutely unexpected victory. The score was ``52 for Seoul, 27 Nagoya.’’ The IOC decision, du

S-Oil CEO Ahmed Subaey, center, poses with employees of the ..

Lee Suk-chae, chairman of telecommunications giant KT, ..

GLBH Korea President Yoon Yoon-su, right, shakes hands with ..