First Auto Joint Venture Established after China's WTO Entry

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Last updated at: (Beijing Time) Thursday, May 30, 2002

First Auto Joint Venture Established after China's WTO Entry

Beijing Motor Co. Ltd. signed a contract with Hyundai Motor Co. of the Republic of Korea in Seoul on May 28 for jointly establishing the Beijing Hyundai Motor Co., Ltd.

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Beijing Motor Co. Ltd. signed a contract with Hyundai Motor Co. of the Republic of Korea in Seoul on May 28 for jointly establishing the Beijing Hyundai Motor Co., Ltd.

For the two sides, it is another move of importance on market development after they signed the strategy cooperation agreement on April 29.

As reported, the joint venture is the first cooperation approved in the field of motor production after China's WTO entry. Hyundai will make the use of Beijing's basis on auto industry and China's huge market, aiming to achieve its strategic goal of becoming the fifth of the world top five auto manufacturers by 2010.

The introduction of Hyundai's capital, advanced technology and management skills will upgrade Beijing Motor's products and services, then promote the development of relevant industries and accelerate Beijing's motor industry to merge into the global market.

Beijing Mayor Liu Qi addressed the signing ceremony and signed the contract on behalf of the government of Beijing Municipality.

China's WTO entry and Beijing's 2008 Olympics host have created a bright prospect for the cooperation and the joint venture will certainly become an important manufacturing base of a higher standard, high grade and a modernized one in China, Liu said. And the government of Beijing Municipality will provide a favorable external environment and first-rate services for the development of the joint venture.

By PD Online Staff Huang Ying

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