Hanwha Signs MOU with Sichuan for West China Development
Hanwha will actively participate in the Western China Development Project
[30 November, 2011] Hanwha China, the Hanwha Group’s overseas subsidiary in China, has signed a memorandum of understanding with China’s Sichuan Province as part of its strategy to participate in the development of western China.
In addition, Hanwha will ink an MOU with Chengdu City, the capital of Sichuan Province, for partnership on the financial business and work on setting up a joint management firm, a private equity fund or a venture capital fund by the first half of 2012.
“Hanwha China Chairman, Geum Chun-su, met with Vice Governor of Sichuan Province and Mayor of Chengdu city to sign an MOU to cooperate in the manufacturing, construction, finance, distribution and leisure industries,” Hanwha group revealed Wednesday.
Hanwha Group will actively participate in the Western China development project, a central project in the Chinese government’s 12th five-year plan. Hanwha will examine its strategy for the project, including expansion of the high value-added manufacturing business, the development of industrial complexes, and the construction of a western China distribution center, department stores, hotels and comprehensive leisure facilities.
Also, Hanwha has decided to cooperate with Chengdu Investment Holdings Group, a financial holding company under Chengdu city, on the overall financial business including private equity, venture capital, asset management and insurance.
“Hanwha China is aggressively expanding new businesses in Chengdu city and Sichuan province, a central area in China’s 12 western provinces,” Chairman Geum said. “Through this cooperation Hanwha group will build a solid ground to enter the western region of China”.
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 61 domestic affiliates and 325 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com
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