Korean Air Chairman Honoured by Los Angeles Leaders

Korean Air Chairman, Yang Ho Cho, has been honored for his contributions to the Los Angeles community and economy through his airline, shipping and real estate enterprises.

The Los Angeles County Economic Development Corporation (LAEDC) named Mr. Cho a 2013 Eddy Awards honoree at a gala awards event at the Beverly Hilton Hotel.

The Eddy Awards were introduced by the LAEDC in 1996 to celebrate individuals and organizations that demonstrate exceptional contributions to positive economic development in the region.

The annual Eddy Awards gala has become one of the most important economic development award programs in the state of California.

For 40 years, Korean Air and Hanjin have been an integral part of Los Angeles’ economic growth. Recognizing the importance of Los Angeles as a business and leisure destination for world travelers, Mr. Cho is making a significant investment in the construction of a world-class hotel and office project at the site of the former Wilshire Grand hotel in downtown Los Angeles. It is estimated that the development will infuse $1 billion into the local economy, produce as many as 11,000 temporary and 1,750 permanent jobs, and strengthen L.A.’s travel and tourism industry.

During the ceremony, Mr. Cho said “Korean Air and Hanjin have played an important role in the partnership between Korea and Los Angeles, and we are proud to be part of L.A’s future success.”

LAEDC President, Bill Allen, said, “The 2013 Eddy Awards recognize Yang Ho Cho’s personal connection with Los Angeles and his continuing and lasting positive influence on regional economic development.”

Mr. Cho has long been associated with Los Angeles, not only through business dealings, but also through educational interests he pursues as a Trustee of the University of Southern California. Through that association, he has created opportunities for international exchanges of technology, knowledge and skills.