The lecture, titled “The Korean Model of Economic Development,” explores the country’s transformation from one of the world’s poorest nations in the 1950s to an industrial and technological powerhouse, globally recognised through names such as Samsung, LG, and Hyundai.

“We overcame industrial hardship through shared sacrifice and innovation,” he said. “Now, we must address inequality through stronger social safety nets — ensuring that no generation is left behind in Korea’s growth story.”

He notes that Korea’s success was not without challenges — from post-war poverty to the oil crises of the 1970s, the reform period in 1980, financial crisis around 1997-8 and innovation leader in the 2020s — each decade demanded innovation, adaptability, and state-led coordination between government and industry.

Today, the country faces a new set of challenges, such as demographic challenges, which include an ageing population, the world’s lowest fertility rate, youth unemployment, and income inequality. However, Cho remains optimistic about Korea’s resilience.

The lecture and docent tour offered journalists a rare opportunity to see how South Korea’s developmental journey continues to evolve — from industrial strategy to social sustainability.

Cho further talks about lessons for developing countries, which include adaptability (evolve strategies as circumstances change), state market balance, human capital development (the prioritizing of education and skills), export orientation (targeting global markets for growth) and having a long-term vision.

His message was clear: Korea’s climb from hardship to innovation is not just a national story, but a global lesson in resilience, inclusion, and vision.