Hyosung mulls expanding tire cord business to Cambodia

Seoul - Hyosung Group is considering the expansion of its spandex and polyester tire cord business into Cambodia, vice chairman Cho Hyun-Sang has announced.

The official met with Cambodian prime minister Hun Manet in Seoul earlier this month, where he disclosed plans to grow the businesses following successful investments in China and Vietnam.

“Cambodia is a country with a favourable business environment and development potential… we are seeking to expand our business into this Asian region,” Cho told the prime minister.

Furthermore, he requested for “increased interest and support” from the Cambodian government, said Hyosung 17 May. 

In response, the prime minister reassured that his government would “actively support expansion and investments in Cambodia.”

Hyosung currently exports tire reinforcement materials, polypropylene, and ATM to Cambodia.

The group expects that business volume in Cambodia will continue to grow as foreign companies such as car makers and tire companies expand their presence in the country.