Woori Bank CEO Cho Byung-kyu, third from right, poses with Korea Times President-Publisher Oh Young-jin, left, and the winners of the 20th English Economic Essay Contest during an award ceremony at Lotte Hotel Seoul, Tuesday. From left are Oh, Commendation Prize winner Martine Aamodt Maksutova, Runner-up Award winner Elsa Tsegay Tikue, Commendation Prize winner Kim Young-soo, Grand Prize winner Youm In-song, Cho, Alexandra Francesca Goicochea Neyra accepting the award on behalf of Grand Prize winner Alexander Ferguson and Commendation Prize winner Song Je-in. Korea Times photo by Shim Hyun-chul

The Korea Times awarded seven winners of the 20th English Economic Essay Contest for university students at the award ceremony at Lotte Hotel Seoul, Tuesday.

Open to university undergraduate and graduate school students in Korea and abroad, the annual economic essay contest is sponsored by Woori Bank, an affiliate of Woori Financial Group.

The contestants wrote essays on one of two subjects: "Foreigners have become an indispensable part of Korean society, and their ratio is expected to continue to surge. Suggest tips for the banking industry to attract and better serve foreign customers" or "One of the Korean stock market's chronic problems is the so-called 'Korea discount,' referring to a long-standing tendency of listed companies' undervaluation compared to their fundamentals. Discuss your assessment of the issue and suggest effective measures that can provide a solution."

The winners for the Grand Prize are Youm In-song, a student at Korea University, and Alexander Ferguson, a student at the Korea Development Institute School of Public Policy and Management.

Each of the winners was awarded 3 million won ($2,160) in prize money and an award plaque.

The runners-up are Anne Geertruida Louisa van Assche, a student at the Netherlands' Leiden University majoring in Korean studies, and Elsa Tsegay Tikue, a student at Chung-Ang University.

Each received 2 million won and an award plaque.

Commendation awards went to Kim Young-soo at New York University, Martine Aamodt Maksutova at Yonsei University and Song Je-in at Yonsei University.

Each received 1 million won and an award plaque.

The winners of the 20th English Economic Essay Contest and officials of The Korea Times and Woori Financial Group applaud during an award ceremony at Lotte Hotel Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

The awards were presented by Woori Bank CEO Cho Byung-kyu and Korea Times President-Publisher Oh Young-jin who each gave congratulatory speeches.

Cho said the contest contributed to deepening the understanding of the economy and the financial industry among university students.

"Woori is pleased to sponsor the contest from the beginning," he said.

"This year's event is all the more meaningful since it marks the 20th anniversary of the annual event. It was a pleasure to be a part of such a meaningful opportunity whereby young people continue to grow and express their opinions on the global financial landscape."

Commendation Prize winner Song Je-in speaks during an award ceremony at Lotte Hotel Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

Oh said he hopes the contest will help many young students grow as global leaders with the ability to verbalize thoughts in English.

"Many expressed their thoughts from a new perspective, differentiated by points of inquiry that were fresh to the eyes of the older generations."

Youm said she was grateful for the opportunity to express her thoughts clearly and give feedback on how the banking system can be improved.

"I am very happy for the recognition and for the opportunity to make a contribution to enhancing the banking system."