ZAGREB, Jan 24 (Hina) - The South Korean car maker Daewoo plans to
start manufacturing car parts in Croatia this year and make
investments in its tourism and banking system, Daewoo Zagreb office
director Il-Hyung Cho said on Friday.
Croatia is very attractive to foreign investors because of its
favourable geographical position, he told a news conference in
Zagreb.
Daewoo, which opened its office in the Croatian capital late
last year, is looking into the possibilities of investing in the
existing car-parts manufacturing factories and in the construction
of new plants. Car parts made in Croatia would be used in the
company's assembly plants in Poland and South Korea, Cho said.
As shortcomings of the Croatian economy, Cho cited high tax
rates, unfavourable credit conditions and, compared to other
European countries in transition, a high cost of labour.
Daewoo manufactures 2.5 million cars a year. Besides South
Korea, it also has plants in Europe, Asia, Africa and Australia.
Later this year, after carrying out its plans in Croatia, it will
also start production in the United States.
(hina) vm jn
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