(KRX:004800) discussed business cooperation with an economic mission of
Jiaxing, Zhejiang Province, China, in its headquarters in Mapo, Seoul.
The meeting was arranged at the request of the mission to Hyosung, a
major Korean company which entered Jiaxing.
It was attended by six mission members including Sheng Fuxiang, chief
administrator of Jiaxing Development Zone, and 14 Hyosung officials
including Hwang Jung-mo, chief executive of Hyosung Advanced Materials
Co., Ltd., and Kim Seung-han, head of the Performance Unit of the
company. The two sides discussed diverse ways to cooperate, including
building up and improving production facilities of Hyosung in Jiaxing.
Jiaxing in Zhejiang Province, China means a lot to Hyosung as the
location of its first global production base. Chairman Cho Hyun-joon
created “Project C Team” in 1999 to secure a foothold in the Chinese
market. C stands for China. He pursued localization strategy for the
penetration of foreign markets to tackle Chinese and global markets from
the production base in Jiaxing.
Hyosung operates plants in China, including a spandex plant in Jiaxing.
They produce most of Hyosung’s main items ranging from polyester yarns
to tire cords to nylon films. Hyosung has kept its market-dominating
position in China while maintaining ties with the Chinese city for more
than 20 years.
“Jiaxing is a cornerstone of a ‘global Hyosung’,” Chairman Cho said, “I
hope the city will keep up friendly ties with us and go together as
Hyosung’s partner for 100 years.”
Meanwhile, in a social contribution to the city, Hyosung has sponsored a
project to preserve the historic site of Kim Gu in Jiaxing since 2007.
Kim was a leader of the Korean independence movement.