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Hyundai to Pour 400 Million into Mt.Kumgang Project

Jan 15,1999
Hyundai will shell out 400 million dollars for the development of North Korea's Mt. Kumgang resort area by the year 2000.
Hyundai announced its future plan for the Mt. Kumgang project on January 15 and asserted that it would build 2 golf courses(45 holes in total), beach-front hotels with 1,000 rooms as well as a ski resort.
If completed, 1,000 to 2,000 tourists a day can not only enjoy climbing but also use various other leisure facilities.
Helicopter service will be available in the future which will allow two-day short trips for more flexibility.
Hyundai released its ambitious plans and stated it decided to form the 'Asan Company' exclusively for the Mt.Kumgang development project.
According to the released plans, Hyundai will construct service centers at Jangjon Port together with a performance hall, a hot spring and five souvenir shops.
All facilities will be completed by the year 2000 at the latest.
For the approval of the project, Hyundai will pay an additional 1 billion dollars to North Korea by 2005.


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