SEOUL, South Korea--(BUSINESS WIRE)--Chairman Hyun Joon Cho of the Hyosung Group (KRX:004800) met with Yuan Jia Jin, governor of Zhejiang Province of China, on Aug. 25 at the Banpo head office building and sought ways to promote mutual cooperation in business.
It is the second time Zhejiang Province’s top leader visited Hyosung following President Xi Jinping (the then party secretary of Zhejiang Province) who met with Honorary Chairman Suck-Rai Cho in 2005.
“We have grown in China for the past 20 years together with Zhejiang Province as the base of the Global Hyosung. I hope Zhejiang Province will continue to be a partner of the Centennial Hyosung by maintaining the friendship forever,” Chairman Hyun Joon Cho said during the meeting.
“When President Xi Jinping visited Hyosung in 2005 as the party secretary of Zhejiang Province, I met him together with Honorary Chairman Suck-Rai Cho and sought ways to boost the economy of Zhejiang Province. At that time, the Honorary Chairman personally participated in the briefing session for investment in China hosted by Party Secretary Xi Jinping and supported the effort of Zhejiang Province to attract investment. In accordance with the wish of the Honorary Chairman, I will do my best to make Hyosung the most trustworthy partner of Zhejiang Province,” Chairman Hyun Joon Cho said.
Hyosung is celebrating the 20th year of its business operation in Zhejiang Province this year. In 1999, a factory was built by Hyosung in Jiaxing, Zhejiang Province in China as the first overseas production base of Spandex by the initiative of Chairman Hyun Joon Cho under the C(China)-Project. Chairman Cho targeted the domestic sales in China as well as the global market with a localization strategy based mainly in Jiaxing, Zhejiang Province.
As a result, Hyosung became the No. 1 enterprise in the world’s Spandex market in 2010. Hyosung maintains a dominant position in the Chinese market operating factories in Jiaxing, which produce not only Spandex but also tire cord, nylon film, polyester yarn, etc.
