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Article: N. Korea, Unification Church join in auto assembly venture.(World)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- February 7, 2000
- Author:
CopyrightCOPYRIGHT 2000 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NAMPO, North Korea - A brass band blared martial music into a snowstorm and more than 1,000 Nampo residents shivered in neat military-style rows as North and South Korean dignitaries broke ground last week - both literally and figuratively - for a joint-venture automobile assembly plant whose significance is as much political as financial.
Officials of the South Korea-based Unification Church hope their $300 million investment in the Pyong Hwa (Peace) Motors Corp. will prove profitable once Italian-designed Fiat Sienas begin rolling off the assembly line late next year, aimed at markets in China and Russia as well as North and possibly South Korea. (Another ...