Chung Ju-yung

Chung Ju-yung or Jung Joo-young was a South Korean entrepreneur, businessman and the founder of Hyundai Groups. Chung was an integral part to the rapid development of Korea’s economy, growing Hyundai Heavy Industries to be the largest ship builder in the world. He was also a vital contributor to the development of South Korea’s infrastructure after the Korean War’s destruction of much domestic infrastructure. He died in 2008 at age 87.

About Chung Ju-yung in brief

Chung Ju-yung or Jung Joo-young was a South Korean entrepreneur, businessman and the founder of Hyundai Groups. Raised as the eldest son of a poor Korean farmer, he became the richest man in South Korea. Chung was an integral part to the rapid development of Korea’s economy, growing Hyundai Heavy Industries to be the largest ship builder in the world. He was also a vital contributor to the development of South Korea’s infrastructure after the Korean War’s destruction of much domestic infrastructure by constructing the Gyeongbu Expressway in 1970, connecting the capital, Seoul, to the port city of Busan. Chung’s business ventures steered through the tumultuous times of the Japanese occupation of Korea as well as the post-Korean War stresses on the economy. Chung explained his success in his statement: \”Our people succeeded because they devoted their enterprising spirits. They used the forces of other mind. Conviction… creates indomitable efforts. This is the key to miracles.. Man’s potential is limitless.’’. Chung’s talent for business became apparent during his trips into town where he would sell wood. Chung dreamed of becoming a school teacher, but his hopes were cut short because the restrictive environment at the time kept the family stuck in poverty, effectively keeping Chung away from higher educational opportunities.

In 1933, at the age of 18, Chung decided to make a fourth attempt to escape. He left for Seoul in April 1933. He managed to get a train ticket for 70 won by selling one of his father’s cows. He enrolled himself in a local bookkeeping school hoping to start a career as an accountant. After six months on the job as the accountant, he decided to land a new job as a land deliveryman at Bokheung Rice Store in Seoul. In 1937, the owner of the rice store became ill and decided it would be best for Chung to be his best friend. He eventually won the war and became the best friend of the owner so much that he allowed Chung to manage the business. He later became the president of Hyundai Motor Group, which is the largest automobile manufacturer in Korea, and the third largest in the World. He died in 2008 at age 87. He is survived by his wife, three children, two grandchildren and two great-grandchildren.

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