East China City Lures More ROK Investment

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Last updated at: (Beijing Time) Friday, June 06, 2003

East China City Lures More ROK Investment

Jiaxing, a city in east China's Zhejiang province, has become a favored destination for investmentfrom the Republic of Korea (ROK), and is now home to 29 ROK-fundedenterprises.

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Jiaxing, a city in east China's Zhejiang province, has become a favored destination for investmentfrom the Republic of Korea (ROK), and is now home to 29 ROK-fundedenterprises.

Jiaxing, which is about one hour's drive from Shanghai and Hangzhou, has set up a special zone for ROK-funded enterprises involved in auto fitting, chemical fiber, electronics and metal-processing product sectors.

A group of ROK-funded enterprises have invested 640 million US dollars in the city's economic and high-tech development zone.

The Hankook Tire Co. Ltd, the first ROK-funded enterprise in the city, has grown rapidly, increasing its investment from 29.8 million US dollars in 1996 to the present 280 million US dollars.

According to Kwon Ho Song, general manager of the company, the tires produced by Hankook have achieved the top market share in China in less than five years since it began operation in 1998, and the company plans to expand production capacity from 1,500 to 250,000 tires daily.

Hyosung, another ROK-funded enterprise in Jiaxing, has set up two chemical fiber companies by investing 123 million US dollars and 127 million US dollars, respectively.

Because of the favorable prospects of the two projects, the Hyosung Group will hold a summit in Jiaxing to discuss further cooperation with the city government.

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