Hyosung Chairman Cho Hyun-joon Accepts 'Korea-US Friendship Award' for Late Father

• Awarded at the Korea-US Association's 'Korea-US Friendship Night' on the 6th… Chairman Cho Hyun-joon accepts on his behalf
• Recognized for Late Honorary Chairman Cho Suck-rai's lifelong dedication to promoting economic cooperation and friendship between Korea and the US. Laid the foundation for the Korea-US FTA and contributed to joining the Visa Waiver Program (VWP)
• Chairman Cho Hyun-joon: "I will engrave the Late Honorary Chairman's will in my heart and do my best to ensure the Korea-US alliance remains steadfast for the next generation"
• Late Honorary Chairman Cho Suck-rai's Dedication to Economic Cooperation and Friendship Between Korea and the US

SEOUL, South Korea, Nov. 10, 2026 /PRNewswire/ -- Hyosung announced on the 9th that the late Honorary Chairman Cho Suck-rai was awarded the '24th Korea-US Friendship Award' by the Korea-US Association at the 'Korea-US Friendship Award Ceremony and Korea-US Friendship Night' held at the Walkerhill Hotel in Seoul on the 6th, in recognition of his lifelong dedication to promoting economic cooperation and friendship between the two countries.

Honorary Chairman Cho served as a civilian diplomat representing the business community, based on his excellent foreign language skills in English and Japanese, diverse overseas business experience, and an extensive global network.

Since serving as the International Chairman of the Pacific Basin Economic Council (PBEC) in 2002, he led major domestic and international economic exchange organizations such as the Federation of Korean Industries (FKI), the Korea-US Business Council, the Korea-Japan Economic Association, and the Korea-Japan Forum, dedicating his life to the global growth and development of the Korean economy.

First Business Leader to Propose the Korea-US FTA, Laying the Foundation for Its Conclusion

In particular, Honorary Chairman Cho was a key figure who laid the foundation for the conclusion of the 'Korea-US Free Trade Agreement (FTA)' by actively taking steps to resolve trade friction with the US.

Serving as the Korean Chairman of the Korea-US Business Council in 2000, he emphasized, "Trade liberalization is absolutely necessary for the globalization of our economy," and became the first Korean business leader to publicize and propose the need for the Korea-US FTA.

Honorary Chairman Cho laid the groundwork for official negotiations for the Korea-US FTA to begin in 2006 by leading joint research between the business communities of both countries. Furthermore, he participated in the entire negotiation process, meeting with government officials, lawmakers, and business representatives from both countries to persuade them, dedicating all his efforts to the conclusion of the FTA.

When the negotiations faced difficulties due to conflicts between the film industry and the government over the reduction of the screen quota, he continuously met with officials from both sides to narrow differences and find a breakthrough.

Even after the Korea-US FTA was concluded in 2007, Honorary Chairman Cho personally visited Washington to urge US lawmakers to ratify it, sparing no effort at the private sector level for the FTA to take effect.

Decisive Contribution to Korea's Inclusion in the US Visa Waiver Program

Additionally, Honorary Chairman Cho made a decisive contribution to Korea joining the US Visa Waiver Program (VWP).

After joining the chairmanship of the Korea-US Business Council in the early 2000s, he engaged in all-out visa diplomacy based on his firm belief that "for smooth trade and prosperity between the two countries, not only goods but all citizens must be able to travel freely."

He sent a letter directly to the US Secretary of State requesting participation in the Visa Waiver Program and established a visa subcommittee within the Korea-US Business Council. As a result, Korea became a member of the US Visa Waiver Program (VWP) in 2008.

Honorary Chairman Cho was highly regarded as a figure who contributed to expanding Korea's private diplomacy and network in the global business community.

In recognition of his international leadership and contributions, he received the Gold Tower Order of Industrial Service Merit in 1987, as well as the Korea-US FTA 10th Anniversary Achievement Award and the 'Youngsan Diplomat Award', making him one of the leading business figures who dedicated his life to the economic development of Korea.

Chairman Cho Hyun-joon Accepts the Award on His Behalf, Stating, "I will engrave the Late Honorary Chairman's will in my heart and do my best to ensure the Korea-US alliance remains even more steadfast for future generations"

Accepting the award on his behalf that day, Hyosung Chairman Cho Hyun-joon expressed his thoughts, saying, "My maternal grandfather, Chairman Song In-sang, served as the 2nd President of the Korea-US Association for a long time and received the same award in 2004. Today, my late father is also receiving this meaningful award, and on behalf of our family, I am deeply grateful."

Chairman Cho continued, "I am deeply moved to think that the 'Korea-US alliance growing together through mutual understanding,' which my father wished for all his life, is becoming a reality today. I will engrave his will in my heart and do my best to ensure that the Korea-US alliance remains even more steadfast for future generations."

Meanwhile, the Korea-US Friendship Award is an award presented annually since 2002 by the Korea-US Association to individuals who have greatly contributed to promoting friendship and strengthening ties between the two nations. Past major recipients include former Yonsei University President Horace Underwood (1st), General Paik Sun-yup (2nd), former UN Secretary-General Ban Ki-moon (18th), and Hyundai Development Company Honorary Chairman Chung Se-yung (20th).

The event was attended by about 300 officials from both countries, including US Ambassador to South Korea Michelle Steel and members of the Korea-US Association.

SOURCE HYOSUNG CORPORATION