ROK President Visits Beijing Hyundai Auto Factory

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Last updated at: (Beijing Time) Thursday, July 10, 2003

ROK President Visits Beijing Hyundai Auto Factory

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President of the Republic of Korea (ROK) Roh Moo-hyun said Wednesday investment in China by large-scale Korean companies would bring huge benefits to both countries without undermining the ROK's status as a manufacturing base.

Roh made the remark during a visit to the Beijing Hyundai Company, a joint venture between Beijing municipality and the ROK-based Hyundai Motor Company in the eastern suburbs of the city.

Roh said the joint venture has brought optimal profits to both Hyundai and Beijing city. He said if ROK companies had stayed home and opted not to invest in China, they would not be reaping such large returns. For its part, if Hyundai had not set up a factory in Beijing, the city would not be reaping the benefits, either.

Acting Mayor of Beijing Wang Qishan accompanied Roh and his wife to inspect the joint venture car factory.

Wang thanked the ROK government and people for their support for Beijing's battle against the severe acute respiratory syndrome (SARS) epidemic. He said the joint venture between Beijing and Hyundai was an example of cooperation between China and the ROK, adding that the two sides had completed the negotiations and finalized the establishment of the factory in only six months.

The Beijing Hyundai Company was founded in October, 2002 and began production in December that year. It has total investment of some 2.4 billion yuan (300 million US dollars) and more than 1,600 employees. Both its car output and sales volume had surpassed 20,000 by the end of June, with monthly output topping 5,000 units and sales revenue topping one billion yuan in June.

The company is expected to expand its annual output capacity to 300,000 units within the next two years.

"Today, I witnessed this astonishingly rapid growth first-hand. At the same time, I recognize the Beijing municipal government's support for the Beijing Hyundai Company, as well as the high efficiency of the service-minded municipal government," Roh said.

As they were being shown around the production line, Roh and his wife jumped in a newly-released Sonata model, turning the wheel and adjusting the mirrors. A moment later, the presidential couple was peering into the trunk. "There's plenty of room there," he grunted to his wife, "Well done."

The presidential couple spent less than an hour visiting the joint venture before they were whisked away to catch their plane to Shanghai.

"The tour of the joint venture produced a range of emotions in me," Roh said. "When I talk about ROK-China economic cooperation in the future, I will take pride in saying, 'Go take a look at Beijing Hyundai'."

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