Item S-0526-0358-0005-00016 - Photo 7749

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S-0526-0358-0005-00016

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Photo 7749

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  • 1960-12-31 (Creation)

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Formal contracts selling two of Korea's biggest industrial plants, the Mungyong Cement Plant and Inchon Flat Glass Plant both of which were built with United Nations Korean Reconstruction Agency (UNKRA) aid funds, to two private companies were signed in Seoul on 30 April 1959 by the Republic of Korea Government and representatives of the companies. The Mungyong Cement Plant, now Korea's largest cement manufacturer, was constructed at a total cost of $9million in foreign exchange provided by UNKRA and 2,300,000,000 hwan in local currency, while the Inchon Flat Glass Plant, the only one in Korea, cost $3.2 million and 700,000,000 hwan. Shown affixing his seal to the Mungyong Cement Plant sale contract is ROK Minister of Commerce and Industry, Yong Su Koo. Seated from left to right are Mr. Chong Rim Lee, President of the Korea Cement Manufacturing Company, new owner of the plant, Mr. Young Chan Kim, Governor of the Korean Reconstruction Bank, Minister Koo, and Brig. Gen. H. E. Eastwood, USA (Ret.) UNKRA Administrator. Standing from left to right are two officials of the Korea Cement Manufacturing Company, Mr. Murray Gray, UNKRA Legal and Contract Officer, Vice Minister of Commerce and Industry Ui Chang Kim, Mr. Tai Jin Pak of the Korean Reconstruction Bank and Mr. C. H. Perry, UNKRA Executive Officer. Mr. Tai Sup Choi, President of the Hankuk Glass Industry Company signed the contract for the Inchon Flat Glass Plant.

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