Late Hyosung Group Honorary Chairman Cho Seok-rae was awarded the 24th US-Korea Friendship Award for his contributions to enhancing economic cooperation and friendship between the two countries.
Hyosung announced on November 9 that Cho received the award from the Korea-US Association during the 'US-Korea Friendship Award Ceremony and Night' held at the Walkerhill Hotel in Seoul on November 6. On this occasion, Cho Hyun-joon, chairman of Hyosung, accepted the award on behalf of his father.
Cho Seok-rae was active in domestic and international economic exchange organizations, leveraging his overseas business experience and global network. He served as the international chairman of the Pacific Basin Economic Council (PBEC) in 2002 and led various organizations, including the Korea Economic Association, the Korea-US Business Council, the Korea-Japan Economic Association, and the Korea-Japan Forum, to promote economic cooperation.
He was particularly proactive in private economic diplomacy for the conclusion of the US-Korea Free Trade Agreement (FTA). In 2000, as the Korean co-chairman of the Korea-US Business Council, he emphasized the necessity of trade liberalization for the globalization of the Korean economy, becoming the first domestic business leader to publicly advocate for the US-Korea FTA.
Following this, he promoted joint research between the two countries' economic sectors and met with government, congressional, and business representatives to explain the need for the agreement. His efforts laid the groundwork for the official start of US-Korea FTA negotiations in 2006.
During the negotiation process, he also mediated conflicts between the film industry and the government regarding the reduction of screen quotas by meeting with stakeholders from both sides. After the US-Korea FTA was concluded in 2007, he continued his private sector activities by visiting Washington to urge congressional approval.
Cho was also involved in Korea's participation in the US Visa Waiver Program (VWP). He emphasized the need for increased human exchanges between the two countries from the early 2000s and promoted related activities.
He sent a letter to the US Secretary of State requesting Korea's participation in the Visa Waiver Program and initiated the establishment of a visa subcommittee within the Korea-US Business Council. Korea subsequently joined the US Visa Waiver Program in 2008.
In recognition of his economic cooperation activities, Cho received several awards, including the Gold Tower Industrial Medal in 1987, the US-Korea FTA 10th Anniversary Contribution Award, and the Yeongsan Diplomacy Award.
Accepting the award on behalf of his father, Cho Hyun-joon stated, "My grandfather, Chairman Song In-sang, served as the second chairman of the Korea-US Association and received the same award in 2004. I am deeply grateful that my father is receiving this meaningful award today on behalf of our family."
He added, "It is a profound feeling to think that the 'US-Korea alliance, which understands each other and grows together,' which my father wished for throughout his life, is becoming a reality today. I will do my best to ensure that my father's wishes are carried forward and that the US-Korea alliance remains strong for future generations."
The US-Korea Friendship Award has been presented by the Korea-US Association since 2002 to individuals who have contributed to enhancing friendship and ties between the two countries. Notable past recipients include former Yonsei University President Horace Underwood, General Baek Seon-yeop, former UN Secretary-General Ban Ki-moon, and Honorary Chairman Chung Se-young of Hyundai Industrial Development. Approximately 300 attendees, including US Ambassador to Korea Michelle Steel and members of the Korea-US Association, were present at the event.
Cho Seok-rae served as the second chairman of Hyosung Group from 1982 until he stepped down from management in 2017, leading the group for 35 years. He also served as the chairman of the Korea Economic Association from 2007 to 2011, representing the business community. Cho passed away on March 29, 2024, at the age of 89.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.