- Stressing the need for mutual cooperation between business people of the two countries for successful ratification of the bilateral FTA
The 20th annual meeting of the Korea-U.S. Business Council was held for two days from June 13 in Washington D.C. The meeting was attended by about 100 business leaders of the two countries, including Korean Chairman S.R. Cho, American Chairman William R. Rhodes, Samsung Electronics Vice Chairman Lee Yoon-woo and LG Corporation Vice Chairman Koo Bon-joon.
At the meeting, S.R. Cho said, “The Korea-U.S. FTA will contribute greatly to reinforce the alliance between the two countries and the stability of Northeast Asia, in addition to bringing economic benefits to both countries through abolition of tariffs and market integration. It has remarkable significance in that it will go a long way in enhancing the industrial competitiveness of the two countries and helping them secure the basis for continued growth.” He also asked for cooperation concerning the FTA ratification when he met members of the U.S. Congress, including Chairman of the House of Representatives, Ways and Means Committee, Charles Langel.
The attendees discussed how to provide support for the FTA ratification and agreed to call for a visa waiver for Koreans entering the U.S.
Hyosung establishes a tire cord factory in Viestnam (June 7)
On June 7, Hyosung established Hyosung Vietnam Co., Ltd., a local corporation in Vietnam in connection with the plan to build a tire cord factory with an annual production capacity of 53,000 tons in Dongnai, Vietnam near Ho Chi Minh City, investing a total of $160 million by 2010.
The decision to invest is based on the judgment that Vietnam offers an advantage in cost competitiveness and that the position of that country has been improved as a production base for tire cords to be supplied worldwide following its entry into the WTO last year.
It is expected that with the completion of the factory in Vietnam, the Company’s exports to Europe, Asia and South America will increase drastically.
The factory in Vietnam, along with those built in the U.S., China, South America and Europe, will go a long way in stabilizing the supply in local markets and enable the Company to push ahead with its plan for forays into global markets more efficiently.
