Late Hyosung honorary chairman receives Korea-U.S. Friendship Award

What happened: Hyosung Group said its late honorary chairman, Cho Suck-rai, received the 24th Korea-U.S. Friendship Award posthumously for contributions to the South Korea-U.S. alliance. Key numbers: 24th Korea-U.S. Why it matters: Cho was among the first South Korean business leaders to propose a bilateral free trade agreement, helping lay the groundwork for the trade pact. Chairman Cho Hyun-joon accepted the award and pledged to continue efforts to strengthen bilateral ties.

Hyosung Group said its late honorary chairman, Cho Suck-rai, received the 24th Korea-U.S. Friendship Award posthumously for contributions to the South Korea-U.S. alliance.

Cho was among the first South Korean business leaders to propose a bilateral free trade agreement, helping lay the groundwork for the trade pact. Chairman Cho Hyun-joon accepted the award and pledged to continue efforts to strengthen bilateral ties.