Incheon Bridge Corp. CEO Kim Soo-hong received the Order of Industrial Service Merit, also known as “Gold Tower,” the country’s highest decoration for a businessperson, the company said Tuesday.

Kim was awarded the Gold Tower on Dec. 29 in recognition of his contribution to the country’s development of privately-financing projects. In the wake of the Asian financial crisis, Kim successively attracted foreign investment for the construction of Incheon Bridge, which was the first social overhead capital project in the Incheon Free Economic Zone. He also led a number of systemic reforms in the private investment sector, which led to savings of 270 billion won ($ 227.3 million).

Kim is also acclaimed for increasing awareness about the advantages of privately-financed infrastructure projects, raising Korea’s global presence in the sector.

“The accolade should be attributed to the joint efforts of the government and the private sector which was essential to make innovative reforms and create such an advanced business structure,” Kim said at the awarding ceremony.

By Chung Joo-won and Lee Hong-seok (joowonc@heraldcorp.com) (gilbert@heraldcorp.com)