GM CEO Wagoner in South Korea for 3-Day Trip

Seoul June 22, 2004; Bae Keun-min writing for the Korea Times reported that Rick Wagoner GM president and CEO Rick Wagoner will visit South Korea on Wednesday, but the detailed agenda for the trip has not been disclosed, raising curiosity over the purpose of the call. Wagoner will fly into the peninsula for a three-day visit after wrapping up his trip to GM operations in China, according to industry sources.

Wagoner is to meet with President Roh Moo-hyun on either Thursday or Friday, the sources said. But his meeting schedule with other top economy officials such as Finance-Economy Minister Lee Hun-jai has not yet been confirmed.

The CEO will also hold a meeting with 20 high-ranking officials of GM Group and see GM Daewoo Auto & Technology's plant and research center in Pupyong.

The top executive meeting of the group takes place only once a year, which reflects GM Daewoo's strategic significance in the global leading auto group, industry watchers said.

It is speculated that the CEO's visit focuses on examining the group's business strategies in Northeast Asia as well as GM Daewoo's role in GM's business in China.

``Wagoner said GM will invest $3 billion in China for the next three years during the recently held Beijing International Motor Show. His call to Korea will be related to the investment plan, an industry watcher said on condition of anonymity.

Wagoner visits Korea for the second time since he came here last February after buying GM Daewoo.