S. Korean President Visits Turkey to Invest

South Korean President Moo-Hyun Roh will pay a visit to Turkey accompanied by an an entourage of representatives from South Korean business circles on April 14th. It is the first time that a top-level visit will have been held for 48 years. It is expected that the South Korean businessmen who will come to Ankara and Istanbul along with President, will make important decisions on behalf of potential investors, primarily Hyundai Assan. South Korea has a five percent growth goal for this year, and is therefore, placing importance on foreign investment.

Hyundai Assan CEO and South Korea Voluntary Consul General Ali Kibar disclosed yesterday (April 1) that this visit would be a turning point for bilateral relations between the two countries. Kibar referred to South Korea’s announcement that 2005 would be a year of investment and said that South Korea considers Turkey as a center, which can reach all the countries in the region, and therefore, many new investments would be signed within Turkey. Kibar pointed out that 11 Hyundai investments, which have been on the agenda for a while, and 11sub-industry investments are among the proposed ventures. Hyundai Motor Company Director Mong-Koo Chung is expected to join the delegation in their visit to Turkey in order to put the finishing touches on a new investment deal worth over half a million dollars. It has been speculated that the biggest telecommunication company in South Korea is interested in Turkish GSM Operator Telsim, with its sale on the agenda.