Key business organizations have expressed sadness over the unexpected passing of Korean Air Chairman Cho Yang-ho following the release of his obituary.  

The Federation of Korean Industries in a statement on Monday expressed their condolences, noting the late Cho's contribution to Korean economic development. 

While calling him a pioneer in Korea's aviation and logistics industry, the business lobby said that the nation's economic development was possible only based on Cho's achievements. 

The Korea Employers Federation remembered Cho's contribution for Korea's successful hosting of the 2018 Pyeongchang Winter Olympics as the head of the event's organizing committee. 

The Korea Chamber of Commerce and Industry also issued a statement, highlighting Cho's role in the rise of the nation's logistics industry.

According to Korean Air, Hanjin Group and Korean Air Chairman Cho Yang-ho died midnight on Monday Korea time at the age of 70 due to lung disease.