SEOUL - September 16, 2010 - Continuing his trip to South Korea, California Governor Arnold Schwarzenegger joined together with Hyundai Motor Company Chairman Mong-Koo Chung  and Korean Air Chairman Yang Ho Cho to talk about the two company's stake in California. Following the meeting Schwarzenegger, Chairman Chung and Chairman Cho met other distinguished guests to emphasize the significance of trade and tourism between California and South Korea. During the event, the Governor and Chairman Chung announced that Hyundai plans to keep its North American Headquarters in California and make a multi-million dollar investment to expand its current Orange County facility. The Governor also joined Chairman Cho in reiterating the incredible job-creating power of Korean Air’s recently announced $1 billion investment in Los Angeles.

Hyundai's U.S. headquarters has been in California since beginning operations in 1985. The $150 million investment will be used to construct a new building on its Fountain Valley campus to grow from 700 to as many as 1,400 employees. The project will mean 1,500 new construction jobs and represent $273 million in total economic output for the cash-strapped Orange County. These numbers are the result of a Los Angeles County Economic Development Corporation study.  The project will utilize green technology and practices and will be Leadership in Energy and Environmental Design (LEED) certified.

As noted above, Korean Air has committed to a $1 billion investment in Los Angeles . The bulk of that money will go to renovate the Wilshire Grand Hotel and Centre property. On the corner of Wilshire Boulevard and Figueroa Street, the project will revitalize downtown Los Angeles and create thousands of jobs. The effort is estimated to create 7,000 construction jobs and over 4,000 permanent jobs. Korean Air is also committed to supporting California’s green policies and targets to achieve LEED Silver Certification for construction on the project.