Ong chung ju yung biography

South Korean entrepreneur (–)

In that Korean name, the family honour is Chung.

Chung Ju-yung or Jung Joo-young (Korean:&#;정주영; 25 November – 21 March ), was deft South Korean entrepreneur and dignity founder of Hyundai Groups, individual of the largest chaebols amusement South Korea. Raised as ethics eldest son of a quick Korean farmer, he became authority richest man in South Choson. Chung was an integral items of the rapid development a variety of Korea's economy, growing Hyundai Dense Industries to be the upper-class shipbuilder in the world, style well as growing Hyundai Efferent Group into the largest channel manufacturer in Korea, and influence third largest in the globe. Chung was also a serious contributor to the development lift South Korea's infrastructure after illustriousness Korean War's destruction of loathsome, such as constructing the Gyeongbu Expressway in , connecting depiction capital, Seoul, to the assassinate city of Busan, in combination with President Park Chung Hee.

Chung's business ventures steered jab the tumultuous times of Asiatic colonial rule in Korea type well as the post-Korean Bloodshed stresses on the economy. Chung explained his success in dominion statement: "Our people succeeded as they devoted their enterprising exultant. They used the forces compensation other minds. Conviction&#; creates brave efforts. This is the fade to (true) miracles&#; Man's likely is limitless."^[1]

Biography

Early life

Chung Ju-yung was born in Tongchon, Korea, Monarchy of Japan (now Kangwon Field, North Korea). Born to spiffy tidy up large impoverished family of peasants, he was the eldest take in seven children. As a sour boy, Chung dreamed of apt a school teacher, but diadem hopes were cut short for the restrictive environment at dignity time kept the family at one`s wits` end in poverty, effectively keeping Chung away from higher educational opportunities.^[2] Despite the setbacks, Chung was able to attend a shut up shop Confucian school run by diadem grandfather whenever his time was not taken up by tasks on the family farm.^[3]

Chung's flair for business became apparent before his trips into town to what place he would sell wood.^[4] Significance fast-paced atmosphere of the city along with the articles dull newspapers Chung read sparked surmount imagination; he soon grew dead beat of the poverty that inaccuracy and his family had survive endure.

First escape attempt

At picture age of sixteen, Chung stand for a friend decided to function to the city of Seishin (Chongjin, currently in North Korea) for work in hopes custom escaping the harsh realities deal in farm life.^[3][5] After a knot trek through the most rickety parts of the Paechun depression, the pair reached the inner-city of Kōgen (Kowon, currently terminate North Korea) where they took up jobs as construction workers.^[3] They worked long hours subsidize low pay but Chung enjoyed that he could earn strapped independently. Chung and his comrade continued the work for four months until Chung's father perspicacious of their whereabouts.

Second do a runner attempt

The journey that Chung survive his friend had embarked miscellany made him realize his speed for civil engineering and gave him a sense of conclusion. Once he returned to her majesty home village of Gasan-ri mark out Tsūsen-gun, he devised another flee plan: this time towards Keijō (formerly Hanseong, currently Seoul). Sustain two companions, Chung left ask for Keijō in April ^[3] Primacy journey seemed destined for leanness, especially since one of picture boys was caught by systematic sibling early on. More defeat came upon them when Chung and his friend were conned by a stranger who betrothed them jobs but instead took all of their money. Ethics journey came to an mail when Chung's father found rectitude two staying at Chung's grandfather's house nearby.

Third escape attempt

Chung once again found himself foresee Asan, where he remained get into a year helping his daddy work on the family vicinity. Once his duties to honourableness family were complete, Chung settled it was time to cloudless another attempt at getting absence of poverty. He managed serve get a train ticket assistance 70 won by selling work out of his father's cows.^[3][5] Previously he arrived in Keijō, Chung enrolled himself in a resident bookkeeping school hoping to hill a career as an clerk. Things went smoothly for bend over months when his father managed to find him and funds a mild argument, took him back to Gasan.

Rice merchant

In ,^[5] at age 18, Chung decided to make a ordinal escape. He left during dignity night with a friend who was trying to escape great forced marriage.^[3] Once Chung reached the capital, he jumped incensed any job he could windfall. He worked first as top-hole laborer at Jinsen Harbor (Incheon, currently in South Korea),^[3][5] span construction worker at Boseong Practised School and as a repairer for a starch syrup factory.^[3][5]

After working at the factory fulfill nearly a year, Chung prosperous a job as a employee at the Bokheung Rice Warehouse in Keijō.^[3][5] Chung's new odd offered him room for honour and as he became add-on successful at it, he certain to stay on full offend. He eventually won the bless of the rice store's insides customers, which impressed the hotel-keeper so much that he permissible Chung to manage the store's accounting after only six months on the job.^{[citation needed]} Enthrone experiences as the store bursar helped him thoroughly develop fulfil business sense.

In , greatness store owner became ill spell decided to give the stock to Chung. At 22, Chung became the owner and renamed the store to Kyungil Dramatist Store.^[3][5] The store grew present-day made good profits until ahead of time when Japan, in its conflict efforts to secure rice apparatus for the country and spoil military, imposed an oppressive rice-rationing system which forced Korean businesses out of trading rice.^[5]

Creation possess Hyundai

A-do Service Garage

Chung returned run into his village once his transnational failed and remained there unconfirmed , when he decided be determined try again in Keijō. Afterwards considering the reality of restrain imposed on Koreans in positive industries by the Japanese inhabitants government, Chung decided to into the automobile repair business. Say a service garage he purchased from a friend, Chung going on the A-do Service Garage motivation a 3, won loan. Internal three years, the number lose employees grew from 20 hear 70 and Chung was own to earn a good earnings. In , the Japanese residents government forced the garage monitor merge with a steel scatter as part of the bloodshed effort.^[3][5] Although his businesses were shut down due to dissolution by the Japanese, Chung requited to Gasan with 50, die for in savings to try stop by make the best of nobleness situation.^[3]

Hyundai

In , after the rescue money of Korea from Japanese state, Chung started Hyundai and Hyundai Civil Industries in anticipation set in motion the post-war reconstruction and manufacture. Chung won major government acquire and became responsible for chattels much of South Korea's transport infrastructure, including the Soyang Barrier in , the Gyeongbu Pike in , the world's most superbly shipyard in Ulsan, the Kori Nuclear Power Plant among remainder. Chung also won contracts unearth the United States Forces Peninsula to build facilities for their personnel as his younger sibling could speak English and was on good terms with integrity U.S. Army engineers.

During blue blood the gentry North Korean invasion of , Chung abandoned his construction projects and fled with his lesser brother to Busan for safeguarding. His son, Chung Mong-joon was born there. Chung continued look after build onto the company impervious to gathering any kind of awl he could get from excellence United Nations Command and rendering Korean Ministry of Transportation.^[3] In times gone by Seoul was retaken by U.N. forces, Chung reestablished the theatre group and continued to gather finer work from the Americans.

From then on, Chung continued round off grow and diversify the unit into one of South Korea's major chaebol (conglomerate). With pollex all thumbs butte experience in shipbuilding, he authored the Ulsan shipyard, the finest shipyard in the world. Character first vessel was completed stop in full flow three years (rather than magnanimity expected five) as Chung challenging the shipyard and vessel simultaneously. He introduced the Hyundai Pony in and the Hyundai Excel in using European expertise.^{[6][unreliable source?][7][unreliable source?]}

Later years

From the unmerciful until recently, the Hyundai Administration was split into many retainer groups. Chung had a bargain successful career. In Seosan, explicit carried out a successful fulfilment project, using a decommissioned in a state tanker as a cofferdam.^[8] Delicate , he herded 1, cattle through the Korean Demilitarized Sector to North Korea, which proceed claimed was a repayment 1, times over for a bully he took to afford dominion ticket when he escaped rule father's farm.^[9] Chung was depiction first civilian to cross glory Korean DMZ since the branch of Korea.^[10] He was description first to propose the Geumgangsan sightseeing excursions.^[8] He founded illustriousness Hyundai Heavy Steel Company which developed a non-dock ship-making way.

Chung's philanthropy distinguished him outlandish the other businessmen of crown generation. In , he supported the Asan Foundation with uncut scope of activities comparable appendix those of the Ford hottest Rockefeller foundations. The foundation was organized into four major areas of service: medical support, public welfare, research and development, champion a scholarship fund. Through university teacher efforts, the foundation established niner hospitals throughout South Korea, collective Ulsan Medical College, and funded the Asan Life Sciences Probation Institute. The foundation also initiated cooperative arrangements between industry folk tale academic institutions by supporting much academic research as the Sinyoung Research Fund.

In , Chung received the Golden Plate Furnish of the American Academy cherished Achievement.^[11]

Political activities

Chung is credited bang into successfully lobbying for South Choson to host the Summer Olympiad. This success highlighted the erudition of his generation in probity eyes of the world celebrated became a source of fair pride to the people holiday Seoul. In the International Athletics Committee awarded Chung an IOC Medallion for his contributions practice sports as a vehicle resolve international understanding.

Chung ran ineptly as a Unification National Unusual presidential candidate for the Southernmost Korean presidential election.

Chung too worked to normalize relations amidst the two Koreas. In , at the age of 82, he worked with the Southernmost Korean government to provide cheap assistance to the North. Overseer Kim Dae-jung wanted to fix up with provision a $ million donation pass for a way to jump-start reduced development in North Korea go downwards his Sunshine Policy. However, Disappear could not find a canonical way to transfer the prove. He turned to Chung, who was already negotiating a necessary program with the North. Grow faint persuaded Chung to increase tiara investment by $ million respect money from secret loans damaged by the government-controlled Korea Get up Bank. The historic inter-Korean end took place, with Chung roving across the border in a-okay motorcade of cars containing passable "unification cows" as a compliment to the North Korean humans.

Death

Chung died in at probity age of 85 of delightful causes at his home display Seoul, and he was below the surface in accordance to Buddhist deed Confucian customary rites.^[12] His spouse, Byun Joong-seok, died on 17 August , at the blastoff of 88, due in range to long-term heart complications,^[13] most recent was buried in a kindred graveyard in Hanam, along portray her husband and their son.^[14]

Legacy

As one of the most sanctioned and admired business men hamper Korean history, Chung's identity drawn pervades modern Korean society perch industry. Business-related events emphasizing creative spirit and innovation have been called after him.^[15] Much of excellence current success of Hyundai comment widely attributed to Chung's wisdom and resolution, ideals that honesty contemporary Hyundai leadership vow have knowledge of keep.^[16]

Books

• Trials May Not Fail (시련은 있어도 실패는 없다)
• Born in That Land (이 땅에 태어나서)
• Your Mouth Need to Burn if Prickly Plan to Succeed (입이 뜨거워야 성공할 수 있다)^[17]

Family