Japanese money to develop Mt. Geumgang

A flow of capital from Japan for the development of Mt.Geumgang promoted by Hyundai is likely to be realized. In particular, Chung Mong-Hun of Hyundai Asan is known to have met with Japanese Prime Minister Mori on September 12 and discussed in detail the ways that Japanese companies can participate in Hyundai¡¯s constructing an industrial park in Gaesung and other businesses with North Korea. It means that a cooperation between Hyundai and Japanese companies will be visualized soon.

Hyundai revealed on September 13 that 50 officials from Japanese companies and financial institutions will visit Mt. Geumgang for a feasibility study after the Chuseok holidays. It is known that Asahi Sun Tour, a sister company of Asahi Shimbun has already completed negotiations and started gathering Japanese investors. Moreover, Sasaki, which specializes in development business, has completed a site inspection for the master plan of integrated recreational facility in Jang-jeon harbor.

These Japanese companies are expected to participate together with Hyundai Asan or independently in construction of hotels, golf ranges, ski resorts and other leisure facilities in Mt. Geumgang. On the other hand, international hotel chains such as Shangri-La and Hilton have also started reviewing a joint venture proposal with Hyundai Asan for constructing a hotel whit US $100 million in Mt. Geumgang. A famous US chocolate maker is known to have also filed an application for a space at the future integrated recreational facility.