[단독]Hyundai Asan Joint Project, Tourism in Busan and Northern Cities

Hyundai Asan and Busan Metropolis held a meeting on November 19 to explore North Korea-related activities at Busan City Hall. According to the minutes of the meeting, the city of Busan would work with Hyundai Asan to establish a North Korean economic cooperation network and to discover the tourism sector in North Korea.

In particular, the city of Busan plans to use Gimhae Airport in Busan and maritime infrastructure for tourism in North Korea. Busan seeks to develop North Korean tourism products through Busan, operate cruise lines to North Korea and establish and operate exhibition conventions in Wonsan, North Korea. A Busan City official said: "We held our first meeting with Busan City's request to quickly play a role if the investment conditions for North Korea were established."

Hyundai Asan continues to discuss business with North Korea, as well as Busan, state-owned enterprises and businesses in general. It is badyzed that Hyundai Asan is collecting investment partners to expand its operations in North Korea.

Currently, Hyundai Group and Hyundai Asan do not have sufficient funds to pursue their own economic cooperation projects. In July 2008, Hyundai Asan lost approximately 85% of its employees due to the demise of its flagship business after the suspension of the Kumgang Mountain tour. A representative of the Hyundai group said: "As we have a consortium to invest in tourism projects in North Korea, we are consulting with those who are interested in business with North Korea, such as Busan City."