The founder of South Korea's Hyundai group, Chung Ju-yung, crossed into North Korea with a second donation of cattle for the starving people of the North. Ju-yung, who donated 500 cattle to the North during his first visit in June, used this gift to finalize terms of a deal to bring South Koreans to the North's famous Mount Kun Kahn. Chung visited North Korea again, with a gift of 50 passenger cars. On his two previous visits, he donated 100 trucks and 20 Hyundai cars worth $2.5 million.Other joint ventures included a thermal power plant, a car assembly plant, and an industrial park.
Hyundai hopes to send by ship up to 2,000 tourists a week for four-day tours of Diamond Mountain on the North's east coast beginning in November. In return for the right to organize the tours, Hyundai must pay North Korean $906 million over the next six years. The sightseeing project is the largest inter-Korea joint venture since the Korean peninsula was divided into the communist North and capitalist South in 1945.
Timeline:
6-1998 Chung Ju-yung donates 500 cattle to South Korea
10-1998 Ju-yung donates another 500 cattle
Key Names:
Chung Ju-yung--founder of the Hyundai group, donated 500 cattle to North Korea
Kang In-duk--South Korean Unification Minister