Hyundai Group founder, Chung Ju-yung, who symbolized the economic miracle in modern South Korea, died Wednesday. He was 86.

Chung had been hospitalized for pneumonia since March second. A Hyundai spokesman said Chung had difficulty breathing Wednesday afternoon and died several hours later. Chung had suffered fatigue and weight loss for months.

President Kim Dae-jung expressed condolences and sent flowers to Chung's family.

Blue House spokesman Park Joon-young quoted the president as saying that the Korean people will remember the contributions he made to the nation's economic development.

Chung retired last year from management, but until recent months he retained significant influence over Hyundai's subsidiaries.

Chung played a central role in the revival of the Korean economy that had been shattered by the Korean War. He also was a key player in South Korea's efforts to engage communist North Korea, launching the Mount Kumgang tourism project in late 1998.

On several occasions, Chung traveled to North Korea to discuss business ventures.