HD Hyundai Chairman Kwon Oh-gap on Wednesday received South Korea’s highest state industrial award -- Gold Tower Order of Industrial Service Merit -- for his achievements as a business leader in enhancing the country’s shipbuilding industry and promoting the culture of giving.

The award ceremony took place during the ceremony of the 50th Commerce and Industry Day organized by the Ministry of Industry, Trade and Energy. The event was held at the Korea Chamber of Commerce and Industry in central Seoul.

The Gold Tower Order of Industrial Service Merit is the highest recognition among the five classes of the national medal. The awards are given to individuals and companies that have made clear contributions to the country’s industrial growth.

Having joined HD Hyundai -- the Korean conglomerate formerly known as Hyundai Heavy Industries Group with businesses in shipbuilding, heavy equipment, machines and petroleum -- 44 years ago, Kwon has transformed the company into a global heavy industries business centered around technology by making bold decisions and fulfilling management duties through open communication, the group said.

As for carrying out corporate social responsibility, Kwon took the lead in establishing the “Hyundai Oilbank 1% Sharing Foundation” in 2011 which was designed to donate one percent of the wages of the employees to those in need.

The foundation has become a conglomerate-wide movement for all of HD Hyundai’s affiliates in 2020 to help low-income children and elderly living alone while providing relief funds in the case of a national disaster.

“Receiving the Gold Tower Order of Industrial Service Merit was possible thanks to HD Hyundai’s employees who worked hard in their respective areas,” said Kwon. “I will do my best to contribute to advancing national industries through developing future technology and cultivating talent.”