The Gwangju metropolitan city government and Hyundai Motor are currently making the last minute effort to iron out their differences in concluding an investment agreement for the creation of Gwangju model jobs. Even though the agreement between the city government and Hyundai Motor is being delayed longer than expected, it is anticipated that they can seal a deal by next week, as the general consensus surrounding the principal issues have been already made.
'The Roundtable for the Successful Promotion of Investment from Hyundai Motor' comprising the officials of Gwangju City, local labor leaders, and specialists held a press briefing at Gwangju City Hall on November 1, announcing that "An investment promotion council will be sitting with Hyundai Motor for follow-up negotiations, after the council makes the changes and amendments through the comparison between the investment agreement proposal prepared by the Roundtable and the draft investment agreement negotiated by Gwangju City and Hyundai Motor."
The Rountable has made some necessary changes and amendments in a meeting held on October 28 after reviewing the draft investment agreement which had been prepared by Gwangju City and Hyundai Motor. The Gwangju metropolitan city government then had negotiated on the basis of the investment agreement proposal prepared by the Roundable with Hyundai Motor on October 30 and 31, but without success. The Roundtable originally planned to endorse the investment agreement in a meeting slated for the evening of October 31, if the draft investment agreement between Gwangju City and Hyundai Motor reflects the changes and amendments made by the Roundtable.
Nonetheless, it is anticipated that Gwangju City and Hyundai Motor can reach the final agreement around next week, because the National Assembly begins deliberating the national budget for next year and the welfare budget for the residence and health of the Bitgrin National Industrial Complex in Gwangju should be secured.
'The Roundtable for the Successful Promotion of Investment from Hyundai Motor' was dissolved on November 1 with the press briefing and the Gwangju metropolitan city government formed an 'Investment Promotion Council' in charge of attracting the investments from the automotive parts manufacturing companies including finished car manufacturers in the city's industrial complex. A separate negotiation team within the Investment Promotion Council will be set up to wrap up the final negotiation with Hyundai Motor.
reported by Kim Hak-tae
translated by Kim Sung-jin