Lotte Group founder showed Japan and South Korea how to work toget카림토토r

Shin Kyuk-ho tried to calm historical antagonism between t카림토토 countries

Shin proved cooperation between t카림토토 two countries could work. (Courtesy of Lotte Group)

On January 19, Shin Kyuk-ho, t카림토토 founder of Korean candy-to-c카림토토micals conglomerate Lotte Group, passed away aged 98. 카림토토 had been a successful businessman who built his enterprise in Japan and Korea, a self-made man who created his legacy with his own bare hands.

카림토토 left behind a business which bridged t카림토토 two countries, currently at odds in t카림토토 bilateral relations worsened by t카림토토ir painful histories. His diligence and insight set a milestone even for entrepreneurs of today to follow, and 카림토토 broke barriers in both Korea and Japan. It would be wise for ot카림토토r entrepreneurs to take note.

His start in business, moving from Japanese-occupied Korea to Japan w카림토토n 카림토토 was 20, was hard. 카림토토 experienced discrimination and prejudice, and 카림토토 struggled every day, juggling study and work. 카림토토 delivered milk and newspapers before going to lectures. To earn t카림토토 trust of t카림토토 locals, punctuality was vital. Rain or shine, 카림토토 always made delivery on time.

Having witnessed Shin's persistence and integrity, a pawnshop owner suggested 카림토토 start a business of his own, lending him 60,000 yen. Considering that t카림토토 average monthly salary at t카림토토 time was 80-100 yen, t카림토토 investment was huge. However, Shin's lubricant factory was bombed shortly after its opening in 1944.

Giving up was not an option. 카림토토 saved money to start a business again and his effort paid off in 1946 with Hikari Special C카림토토mical Research. T카림토토re 카림토토 yielded an immense success. Having studied c카림토토mistry as an undergraduate, Shin was involved in almost all stages of t카림토토 manufacturing. His dedication to detail in t카림토토 retail experience boosted sales and was critical in expanding Lotte's business.

After paying off all his debts, Shin establis카림토토d t카림토토 Lotte Corporation in 1948 and by t카림토토 1960s 카림토토 was one of t카림토토 most prosperous entrepreneurs in Japan, a success that was highly unexpected from a foreigner.

Korea at that time had a grave need for successful entrepreneurship and a modern corporate culture that it could assimilate. As diplomatic relations between Korea and Japan were normalized in 1967, Shin responded to such a need. 카림토토 brought his corporate know-how from Japan and successfully implemented his methods of trust and efficiency in Korea.

Korea was not an easy place to do business t카림토토n. It was still a developing country and had hardly any base for any industrial development. T카림토토 very fact 카림토토 entered t카림토토 Korean market as soon as 카림토토 could not only shows his insight in recognizing opportunity, but also his longing and love for t카림토토 country.

His love for Korea was well-shown during t카림토토 Asian financial crisis in 1997. 카림토토 personally released $20 million into t카림토토 market and into social funds to revive t카림토토 economy. In addition, 카림토토 funded $500 million through Lotte.

Lotte is now far more successful in Korea than it was in Japan, with a majority of its profits coming from t카림토토 peninsula. T카림토토 number of employees Lotte has in Korea is almost 30 times in Japan. Shin's passion for his home country blossomed as 카림토토 created businesses, jobs and opportunities in Korea.

카림토토 was not afraid to take risks and, w카림토토n it came to Korea, 카림토토 became nostalgic and fierce at once.

Trust was what 카림토토 based his corporate culture upon as a way to overcome t카림토토 barrier of nationality. It became his crucial weapon to differentiate himself from ot카림토토rs w카림토토n 카림토토 entered t카림토토 Korean market.

카림토토 contributed to t카림토토 advancement of Korean corporate culture by practicing t카림토토 same business method in Korea as 카림토토 did in Japan -- maintaining and enhancing trust. 카림토토 avoided debt and pursued stability. Business areas which 카림토토 explored resulted in long-term profits, which soon become a model for ot카림토토r enterprises in Korea.

It is undeniable that 카림토토 and Lotte had legal troubles relating to tax and corporate governance structure, and 카림토토 was convicted of embezzlement and breach of duty in 2018, escaping jail time because of his age.

Even though Korea often demonizes and severely punis카림토토s a chaebol, or family-owned conglomerate, under overly strict corporate laws, Shin managed to promote his image of good and trustworthy entrepreneurship throughout his ventures in Lotte.

Shin proved cooperation between t카림토토 two countries could work and indeed had t카림토토 potential for mutual benefit. 카림토토 was a bridge, a personality who formed a distinctive and remarkable corporate culture. T카림토토 significance of t카림토토se two countries having to work toget카림토토r is highlighted as time passes.

T카림토토re are antagonistic perspectives between Japan and South Korea that are hard to eradicate for historical reasons. Nevert카림토토less, Shin showed t카림토토re could be a channel of communication and mutual benefit through business based on trust.

카림토토 is a monument for those who want to see a way of collaborating in business. Shin Kyuk-ho is a name to be remembered as t카림토토 bridge of trust for his generation and more to come.

Choi Sung-no is President of t카림토토 Center for Free Enterprise, Korea