Winners of 20th Economic Essay Contest

Youm In-song, left, and Alexander Ferguson

The Korea Times is pleased to announce the winners of its 20th English Economic Essay Contest for university students.

The winners for the Grand Prize are Youm In-song, a student at Korea University, and Alexander Ferguson, a student at the Korea Development Institute School of Public Policy and Management.

Each of the winners will be awarded 3 million won in prize money and an award plaque.

The runners-up are Anne Geertruida Louisa van Assche, a student at the Netherlands' Leiden University majoring in Korean studies, and Elsa Tsegay Tikue, a student at Chung-Ang University.

Each will receive 2 million won and an award plaque.

Commendation awards went to Kim Young-soo at New York University, Martine Aamodt Maksutova at Yonsei University and Song Je-in at Yonsei University.

Each will receive 1 million won and an award plaque.

The contestants wrote essays on one of two subjects: "Foreigners have become an indispensable part of Korean society, and their ratio is expected to continue to surge. Suggest tips for the banking industry to attract and better serve foreign customers" and "One of the Korean stock market's chronic problems is the so-called Korea discount, referring to a long-standing tendency of listed companies' undervaluation compared to their fundamentals. Discuss your assessment of the issue and suggest effective measures that can provide a solution."

They will receive the awards at a ceremony on June 25 at Lotte Hotel Seoul. Their essays will be published in the same day's edition of The Korea Times.