ASAN NANUM FOUNDATION

As we commemorate the tenth anniversary of the passing of ‘Asan’ Chung Ju-yung, we are reminded of his extraordinary entrepreneurial spirit. With creativity that challenged convention and relentless determination that was unhindered by the fear of failure, Asan was a driving force behind Korea’s economic miracle. Asan’s vision went well beyond the creation and accumulation of wealth. He firmly believed that businesses had a fundamental role to play in the contributing to the strengthe... ning of our society. In 1977, when the word “welfare” was still unfamiliar to many Koreans, Asan established the Asan Social Welfare Foundation to build hospitals in remote regions and provide scholarships to students in need.Through these efforts, Asan sought to “build prosperous communities” throughout Korea. Today, our society faces many difficult challenges. Economic disparity continues to rise, and social tension has intensified. If the benefits of development are enjoyed by only a small part of society, our hopes for a brighter future will never be realized. It is only through sharing and cooperation that we will be able to build prosperous communities throughout Korea. In commemoration of the tenth anniversary of Asan’s passing, we seek to establish the Asan NanumFoundation to contribute to the alleviation of social inequality and to promote entrepreneurship among youth. The Asan Nanum Foundation will be established through generous contributions from Hyundai Heavy Industries, affiliated companies and family members of the late Mr. Chung Ju-yung. We do not believe that this task falls on the Asan Nanum Foundation alone. The role of the government will no doubt be critical for achieving social integration. However, we have now entered a new era that calls for new ideas and paradigms. This task will require a concerted effort by government, businesses and civil society. It will also necessitate active participation by all members of society – in an ‘open social movement’ – to come together in overcoming these challenges. The Asan Nanum Foundation seeks to become the spark that kindles our dreams and hopes for “building prosperous communities” across Korea. We ask for your kind understanding, support and participation as we embark on this journey. Thank you.