Hyundai Corp. Plans to Build Factory in Jordan
Hyundai Corp. has been pushing for the establishment of production and marketing operations for electronic goods in Jordan to expand its businesses in the Middle East. "President Juhn Myung-hun explained the plan to Jordan’s King Abdullah II in person and asked for support in terms of administration procedures and taxation," a company official said Tuesday.
The firm wants to use Amman, Jordan’s capital, as a bridge to the Middle East market, including war-torn Iraq. Hyundai chose Jordan due to its geographical advantages. Jordan’s king allegedly promised administrative and tax benefits to Hyundai Corp. and supported its move to enter the market of neighboring Iraqi, the company said.
Source: [The Korea Times ]
Jordan is moving on the right path ladies and gentlemn. Good things are bound to happen in the kingdom.
The “great” Hyundai warranty in the US is:
10 Year/100,000 Mile Powertrain Protection,
5 Year/60,000 Mile Bumper-to-Bumper,
5 Year/Unlimited Miles 24-hour
Roadside Assistance
The US Big Three don’t offer anything close to that for coverage without charging you an arm and a leg for their “extended warranty plans”. The basic limited bumper-to-bumper for them is 3yrs/36,000 miles (whichever comes first) and limited powertrain is 7yrs/70K miles. With many Americans driving >15K miles per year, the allotted mileage is usually reached first. But the word “limited” means that many parts are not covered and what you may think is being covered is usually not. After all these company’s are in business for the $, and once you buy the car and it turns out to be a lemon…well too bad…no refunds, exchanges, or returns.
Although a little off topic….check out this story regarding the fine print in the car buying contract….I am sure the warranty’s have similar tactics in them:
http://abcnews.go.com/WNT/Business/story?id=526106&page=1
Linda,
Tax breaks for opening the factory and doing business in that locale. Nothing illegal about it and it happens here all the time. Company X says to City W, we would like a tax abaitment or we’re moving to City Y who will give us a 10% tax break if we invest 100 million dollars over the next 5 years an buildings/employee growth.
Why shut out the companies b/c the are just coming to Jordan to assemble the finished products. Any investment or job opportunities, Jordan will take right now, especially with the unoffical unemployment rate at 30%, and offical rate hovering at 15%.
Fair enough, but that’s not the way to go for a developing country. Koreans themselves did the opposite, closed their borders, developed indigenous industries (Hyundai was paid huge state subsidies), eliminated the technological gap, started exporting their products, opened up once they felt they’re on equal grounds with industrial countries. Had they just assembled foreign products, they would be where Indonesia or the Philippines are at this moment. And they were just as poor a mere 30 years ago.