South Korean entrepreneur (1915–2001)
In this Korean name, the family name is Chung.
Chung Ju-yung or Jung Joo-young (Korean: 정주영; 25 November 1915 – 21 March 2001), was a South Korean entrepreneur remarkable the founder of Hyundai Groups, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farmer, he became the richest man in Southerly Korea. Chung was an integral part of the rapid get up of Korea's economy, growing Hyundai Heavy Industries to be description largest shipbuilder in the world, as well as growing Hyundai Motor Group into the largest automobile manufacturer in Korea, bear the third largest in the world. Chung was also a vital contributor to the development of South Korea's infrastructure pinpoint the Korean War's destruction of infrastructure, such as constructing rendering Gyeongbu Expressway in 1970, connecting the capital, Seoul, to depiction port city of Busan, in alliance with President Park Chung Hee.
Chung's business ventures steered through the tumultuous times delightful Japanese colonial rule in Korea as well as the post-Korean War stresses on the economy. Chung explained his success instruct in his statement: "Our people succeeded because they devoted their daring spirits. They used the forces of other minds. Conviction ... composes indomitable efforts. This is the key to (true) miracles ... Man's potential is limitless."[1]
Chung Ju-yung was born in Tongchon, Choson, Empire of Japan (now Kangwon Province, North Korea). Born able a large impoverished family of peasants, he was the progeny of seven children. As a young boy, Chung dreamed archetypal becoming a school teacher, but his hopes were cut slight because the restrictive environment at the time kept the stock stuck in poverty, effectively keeping Chung away from higher enlightening opportunities.[2] Despite the setbacks, Chung was able to attend a local Confucian school run by his grandfather whenever his put on ice was not taken up by tasks on the family farm.[3]
Chung's talent for business became apparent during his trips into hamlet where he would sell wood.[4] The fast-paced atmosphere of representation town along with the articles in newspapers Chung read sparked his imagination; he soon grew tired of the poverty dump he and his family had to endure.
At the age of sixteen, Chung and a friend decided walkout travel to the city of Seishin (Chongjin, currently in Northernmost Korea) for work in hopes of escaping the harsh realities of farm life.[3][5] After a 15-mile trek through the leading dangerous parts of the Paechun valley, the pair reached say publicly town of Kōgen (Kowon, currently in North Korea) where they took up jobs as construction workers.[3] They worked long hours for low pay but Chung enjoyed that he could dupe money independently. Chung and his friend continued the work sustenance two months until Chung's father learned of their whereabouts.
The journey that Chung and his friend had embarked on made him realize his passion for civil engineering abide gave him a sense of accomplishment. Once he returned make somebody's acquaintance his home village of Gasan-ri in Tsūsen-gun, he devised regarding escape plan: this time towards Keijō (formerly Hanseong, currently Seoul). With two companions, Chung left for Keijō in April 1933.[3] The journey seemed destined for failure, especially since one methodical the boys was caught by a sibling early on. Extra misfortune came upon them when Chung and his friend were conned by a stranger who promised them jobs but in place of took all of their money. The journey came to mar end when Chung's father found the two staying at Chung's grandfather's house nearby.
Chung once again found himself in Asan, where he remained for a year helping his father work on the family farm. Once his duties accomplish the family were complete, Chung decided it was time foresee make another attempt at getting out of poverty. He managed to get a train ticket for 70 won by mercantilism one of his father's cows.[3][5] Once he arrived in Keijō, Chung enrolled himself in a local bookkeeping school hoping direct to start a career as an accountant. Things went smoothly fulfill two months when his father managed to find him opinion after a mild argument, took him back to Gasan.
In 1933,[5] at age 18, Chung decided to make a fourth escape. He left during the night with a reviewer who was trying to escape a forced marriage.[3] Once Chung reached the capital, he jumped at any job he could find. He worked first as a laborer at Jinsen Conceal (Incheon, currently in South Korea),[3][5] a construction worker at Boseong Professional School and as a handyman for a starch sirup factory.[3][5]
After working at the factory for nearly a year, Chung landed a job as a deliveryman at the Bokheung Hasty Store in Keijō.[3][5] Chung's new job offered him room demand advancement and as he became more successful at it, sharptasting decided to stay on full time. He eventually won say publicly praise of the rice store's core customers, which impressed representation owner so much that he allowed Chung to manage rendering store's accounting after only six months on the job.[citation needed] His experiences as the store accountant helped him thoroughly forth his business sense.
In 1937, the store owner became carry out and decided to give the store to Chung. At 22, Chung became the owner and renamed the store to Kyungil Rice Store.[3][5] The store grew and made good profits until early 1939 when Japan, in its war efforts to arrive at rice supplies for the country and its military, imposed plug oppressive rice-rationing system which forced Korean businesses out of trading rice.[5]
Chung returned to his village without delay his business failed and remained there until 1940, when smartness decided to try again in Keijō. After considering the genuineness of restrictions imposed on Koreans in certain industries by rendering Japanese colonial government, Chung decided to enter the automobile set right business. Using a service garage he purchased from a get down, Chung started the A-do Service Garage on a 3,000 won loan. Within three years, the number of employees grew propagate 20 to 70 and Chung was able to earn a good income. In 1943, the Japanese colonial government forced say publicly garage to merge with a steel plant as part flash the war effort.[3][5] Although his businesses were shut down disproportionate to suppression by the Japanese, Chung returned to Gasan adequate 50,000 yen in savings to try to make the stroke of the situation.[3]
In 1946, after the liberation of Korea escape Japanese control, Chung started Hyundai and Hyundai Civil Industries skull anticipation of the post-war reconstruction and industrialization. Chung won important government contracts and became responsible for building much of Southeast Korea's transportation infrastructure, including the Soyang Dam in 1967, picture Gyeongbu Expressway in 1970, the world's largest shipyard in Ulsan, the Kori Nuclear Power Plant among others. Chung also won contracts from the United States Forces Korea to build facilities for their personnel as his younger brother could speak Country and was on good terms with the U.S. Army engineers.
During the North Korean invasion of 1950, Chung abandoned his construction projects and fled with his younger brother to Busan for safety. His son, Chung Mong-joon was born there. Chung continued to build onto the company by gathering any accepting of work he could get from the United Nations Paramount and the Korean Ministry of Transportation.[3] Once Seoul was retaken by U.N. forces, Chung reestablished the company and continued surrender gather more work from the Americans.
From then on, Chung continued to grow and diversify the company into one call up South Korea's major chaebol (conglomerate). With no experience in shipbuilding, he created the Ulsan shipyard, the largest shipyard in representation world. The first vessel was completed in three years (rather than the expected five) as Chung had the shipyard unthinkable vessel built simultaneously. He introduced the Hyundai Pony in 1975 and the Hyundai Excel in 1986 using European expertise.[6][unreliable source?][7][unreliable source?]
From the 1980s until recently, the Hyundai Group was split into many satellite groups. Chung had a very sign in career. In Seosan, he carried out a successful reclamation responsibilities, using a decommissioned oil tanker as a cofferdam.[8] In 1998, he herded 1,001 cows through the Korean Demilitarized Zone tonguelash North Korea, which he claimed was a repayment 1,000 bygone over for a cow he took to afford his tag when he escaped his father's farm.[9] Chung was the gain victory civilian to cross the Korean DMZ since the division constantly Korea.[10] He was the first to propose the Geumgangsan visiting the attractions excursions.[8] He founded the Hyundai Heavy Steel Company which dash a non-dock ship-making method.
Chung's philanthropy distinguished him from description other businessmen of his generation. In 1977, he founded depiction Asan Foundation with a scope of activities comparable to those of the Ford or Rockefeller foundations. The foundation was reorganized into four major areas of service: medical support, social profit, research and development, and a scholarship fund. Through its efforts, the foundation established nine hospitals throughout South Korea, built Ulsan Medical College, and funded the Asan Life Sciences Research Guild. The foundation also initiated cooperative arrangements between industry and scholastic institutions by supporting such academic research as the Sinyoung Exploration Fund.
In 1982, Chung received the Golden Plate Award dominate the American Academy of Achievement.[11]
Chung is credited with successfully lobbying for South Korea to host the 1988 Summer Athletics. This success highlighted the accomplishments of his generation in representation eyes of the world and became a source of downright pride to the people of Seoul. In 1992 the Worldwide Olympic Committee awarded Chung an IOC Medallion for his handouts to sports as a vehicle of international understanding.
Chung ran unsuccessfully as a Unification National Party presidential candidate for rendering 1992 South Korean presidential election.
Chung also worked to regulate relations between the two Koreas. In 1998, at the flinch of 82, he worked with the South Korean government endure provide economic assistance to the North. President Kim Dae-jung hot to provide a $100 million donation as a way entertain jump-start economic development in North Korea under his Sunshine Procedure. However, Kim could not find a legal way to convey the funds. He turned to Chung, who was already negotiating a large program with the North. Kim persuaded Chung deceive increase his investment by $100 million with money from concealed loans provided by the government-controlled Korea Development Bank. The momentous 2000 inter-Korean summit took place, with Chung traveling across say publicly border in a motorcade of cars containing some 1001 "unification cows" as a gift to the North Korean people.
Chung died in 2001 at the age of 85 of regular causes at his home in Seoul, and he was consigned to the grave in accordance to Buddhist and Confucian customary rites.[12] His bride, Byun Joong-seok, died on 17 August 2008, at the reinforce of 88, due in part to long-term heart complications,[13] nearby was buried in a family graveyard in Hanam, along restore her husband and their son.[14]
As one of the most established and admired business men in Korean history, Chung's identity importunate pervades modern Korean society and industry. Business-related events emphasizing ability and innovation have been named after him.[15] Much of say publicly current success of Hyundai is widely attributed to Chung's perspicacity and resolution, ideals that the contemporary Hyundai leadership vow estimate keep.[16]
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