Lee: Hyundai a model for India ties
Published: 25 Jan. 2010, 01:17
President Lee Myung-bak, third from left, tours Hyundai Motor’s factory in Chennai, India, yesterday, guided by the automaker’s chairman, Chung Mong-koo, second from left. [YONHAP]
“Hyundai Motor not only contributes to Korea’s economy, but also to the economy of India,” Lee told Hyundai and Kia executives - including the automaker’s chairman, Chung Mong-koo - during the visit. “It has provided many jobs to the Indian people, truly becoming a global company.”
Hyundai Motor India’s Chennai plant first began production in 1998. With a second factory in operation since 2008, the carmaker is capable of building 600,000 cars annually in India. Hyundai Motor ranked second in market share for automobile sales in India as of 2008.
Currently, 40 component suppliers to Hyundai are also doing business in Chennai. In total, 150 Korean companies - including manufacturing, shipping and construction firms - have operations in the industrial city.
“The plant is a model of Korea and India’s economic cooperation, and Lee decided to make it the first stop on his itinerary to show his determination to move forward with bilateral economic ties,” a Blue House official said.
After touring the factory, Lee met with about 20 Korean executives who have entered the Indian market. The executives told Lee that their businesses are gaining traction in India, citing the improving image of Korea and Korean products, the Blue House said.
Lee will take part in a summit with Indian Prime Minister Manmohan Singh in Delhi today. The two leaders are expected to announce a joint statement on their vision to strengthen economic ties between the two nations and focus on political, diplomatic, military and cultural partnerships.
By Ser Myo-ja [[email protected]]
with the Korea JoongAng Daily
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