Korea's major business tycoons including Hyundai Motor Group chairman Chung Mong-koo and LG Group chairman Koo Bon-moo met on January 24 Chinese Vice Premier Wang Yang who is on a state visit to Korea to discuss possible business ties in China.
Hyundai Motor's Chung said in a meeting with the vice premier at Hotel Shilla in Seoul's downtown, "I expect the new car assembly plants to be established in Cangzhou and Chongqing will contribute to the Chinese government's great western development strategy and deepen economic ties between China and Korea. I hope the Chinese government could facilitate my group's effort in China."
The Vice Premier Wang responded, "We in the government are fully aware of the importance of the investment by Hyundai Motor. I will do my best to keep the relationship between Hyundai Motor Group and China going for the next 30 years or 50 years."
Hyundai Motor is currently running seven assembly plants in China including Beijing, Yancheng, and Sichuan, with the total capacity of 1.9 million a year. As many as 400 suppliers have local operations in China. Once the plants in Cangzhou and Chongqing are completed by 2018, Hyundai's capacity in China will rise to 2.7 million.
Koo of LG Group also discussed with the vice premier, especially the issues surrounding the expansion of its LG Chem battery plant in Nanjing. He has had an intimate relationship with LG Group since 2008 when he helped the group build an LCD plant in Guangzhou when he was party secretary of Guangdong Province.
