Hyundai enters N. Korea

Mon, 04 Oct 1999, 00:00 WIB | Source: REUTERS

SEOUL (Reuters): North Korea has backed plans by South Korea's
Hyundai Group to build a sprawling industrial complex in a rare
sign of thawing relations between the rival nations.

Hyundai Group chairman Chung Mong-hun told a news conference
the group planned to build a 66 million square metre "special
economic complex" in the coastal town of Haeju in communist North
Korea.

"I met the (North Korean leader) Kim Jong-il yesterday
and...we agreed to quickly push forward with the plans to develop
the industrial complex," Chung said.

Chung returned on Saturday to Seoul from a five-day trip to
Pyongyang with his father, the founder and honorary chairman of
the group, Chung Ju-yong.

Chung Mong-hun said the size and the location of the
industrial complex remained flexible and that working level
officials from Hyundai and Pyongyang would have to visit the
proposed site in Haeju and draw up details for the plans.

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