Hyundai attracts Japanese investment

Hyundai Group has succeeded in attracting hundreds of millions of dollars from Japan for its North Korean investment projects. In an interview on Sunday, Hyundai officials said that Hyundai Asan chairman Chung Mong-Hun and Hyundai Engineering & Construction president Kim Yoon-Kyu visited Japan for three days to meet bankers and businesssmen. Hyundai presented a persuasive case for Japanese investment in North Korean capital projects and the Mount Geumgang development project.

Before meeting with the Japanese investors, Hyundai obtained formal approval from North Korean authorities, and secured a commitment that they would offer investment guarantees. Japan`s favorable attitude toward investment in North Korea is attributed to the improving bilateral relations between the two nations. North Korea has decided to allow visits by Japanese tourists beginning September 20 of this year. Hyundai officials said that Japanese firms showed enthusiasm in investing in North Korean projects. Total investment is projected to be over a billion dollars.