Hyundai to build R&D centers in China

Hyundai Heavy Industries in Korea has unveiled its strategy to enter the Chinese ship market. The Korean shipbuilder will spend $14 million to construct research and development centers in Beijing and Shanghai next year. Although Hyundai has four branches in China including a joint venture with a construction company and another venture with a Chinese industrial boiler manufacturer, the company has not yet entered the Chinese shipbuilding market.

The company previously announced its intention to enter the Chinese market in June at a management strategy meeting held in Beijing but this was the first time the company publicly revealed details of its plan to enter the market. The first research center will be built in Shanghai in February followed by the second one in Beijing although no date has been decided yet. The company’s vice chairman plans to visit China within a month to settle the details on the research centers.