Former Korean Prime Minister Nam Duck-woo, who led the nation’s economic development in the 1970s, died of complications from prostate cancer at 89


Architect of economic development Nam dies

By Kim Rahn

Former Prime Minister Nam Duck-woo, who led the nation’s economic development in the 1970s, died of complications from prostate cancer, Saturday. He was 89

Born in 1924, Nam Obtained a master’s degree in economics at Seoul National University and a doctorate at Oklahoma State University

in 1969 when he was teaching at Sogang University, then President Park Chung-hee picked him as finance minister. Nam maintained the position for five years, leading Korea’s industrial Development called the “miracle of the Han River.”

Between 1974 and 1978, he served as deputy prime minister and minister of economic planning, and as an economic advisor to the Park in 1979.

It is said that the former president selected Nam after reading one of His papers critical of the government’s economic Policies. Under the Chun Doo-hwan Administration, he was prime minister from 1980 to 1982.

Afterwards, he worked as chairman of the Korea International Trade Association (KITA) Between 1983 and 1991, laying the cornerstone for the Development of Korea’s trade by leading the Establishment of trade-Related facilities such as COEX Exhibition Halls and the Korea World Trade Center.

After retiring from the public service, he continued activities as an advisor for economic affairs. In 2007 he was the chief of the economic advisors for President Park Geun-hye, who was one of the presidential contenders for the ruling party at that time. She is the daughter of former President Park Chung-hee.

In March after she became President, Nam was invited to a presidential luncheon where he was seated next to her.

Until recently he served as chief director at the Korea Forum for Progress; head of senior advisors to the Federation of Korean Industries (FKI), and advisor to the Korea Sanhak Foundation and the Citizens United for Better Society

The FKI issued a statement on Sunday to mourn his death. It said Nam was a living witness of Korea’s economic Development.

“He will be remembered as ‘a person in active service Forever,’ who made ​​Efforts to bring democracy and the market economy to the country,” the statement reads

Nam had been Suffering from prostate cancer for years. His condition deteriorated recently and Hospitalized had been since May 6

He is survived by his wife and three children

His funeral will be held in the form of a public funeral, with Kita Chairman Han Duck-soo and former Prime Minister Lee Hong-koo in charge of the funeral ceremony. The memorial altar was set up at Samsung Medical Center in southern Seoul. He will be buried at the Seoul National Cemetery on Wednesday.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

One Response to Former Korean Prime Minister Nam Duck-woo, who led the nation’s economic development in the 1970s, died of complications from prostate cancer at 89

  1. Pingback: On 18 May in Asian history | The New ASIA OBSERVER

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