Hyundai sets up regional headquarters in China

Hyundai sets up regional headquarters in China    Korea-based Hyundai Merchant Marine will set up a Chinese regional headquarters in Shanghai on Nov. 13. The move forms part of a plan to strengthen the carrier’s marketing in the Chinese and intra-Asia sector.
   A spokesman for Hyundai said that the company already had offices in China, but the new Chinese regional headquarters will operate on a par with regional headquarters in America and Europe.
   Hyundai has not yet determined how many employees will work at its regional unit in China.
   In a separate development, executives of Hyundai Merchant Marine have discussed plans to handle a worldwide volume of 1.84 million TEUs this year, 10 percent more than in 2002.
   At a container business strategy meeting held in Seoul, Korea, management representatives from America, Europe and Asia “discussed proposals to capitalize on major routes to America and Europe in the light of growing expectations of a recovery in freight charges,” Hyundai said.
   Speaking at the meeting, J. I. Noh, president and chief executive officer of Hyundai, described the year 2003 as “a turning point for us in our drive to develop our future.”
   “We have to work all-out to establish a solid foundation untroubled by liquidity problems, and to recover market confidence,” he said. Hyundai has had to sell assets to lower its debts.
   The company plans to develop niche markets, to improve customer service and company profitability.