Hanwha targets west China as new engine for growth

Hanwha Group said yesterday it will set its sights on western China for business opportunities in an effort to expand its presence in the world’s No. 2 economy.

To that end, Hanwha signed an MOU with China’s state-owned Chengdu Investment Holding Group on Wednesday to cooperate in developing a range of businesses in China’s less explored western region, group officials said.

“We believe that the city of Chengdu will be our best partner in entering the markets in western China,” said Keum Choon-soo, head of Hanwha Group China. “We have planned for multifaceted business development in the region from financial and manufacturing to service industries.”

Chengdu, the capital of Sichuan province, serves as one of the most important economic, transportation and communication centers in the region.