Luxembourg’s Prime Minister Xavier Bettel met with Cho Hyun-sang, president of South Korea’s leading chemical and textile company Hyosung Corp., during his visit to Seoul on Tuesday and discussed various ways to further reinforce their business ties, the company said.

The Prime Minister requested the personal meeting to express his gratitude for sound operation of Hyosung’s manufacturing facility in Luxembourg and ask Cho for advice to enhance not only business partnership with the company but also economic ties with Korea, according to the company. Hyosung took over the tire cord plant in Luxembourg from global tire maker Goodyear in 2006 to produce cord fabric and steel cords that are entirely supplied to the European market.

Tire cord is a reinforcement material placed within a tire to provide better performance, durability and stability to the tire. Hyosung has been maintaining its leading position as the world’s biggest polyester tire cord maker with a 45 percent market share since 2000. Following its acquisition of the Luxembourg factory, the company has built the complete manufacturing network that covers its key markets across the globe. Beside Luxembourg, the company operates factories in South Korea, China, Vietnam, and the U.S.

Hyosung has kept a close relationship with the government of Luxembourg. His Royal Highness Prince Guillaume Jean Joseph Marie, the Hereditary Grand Duke of Luxembourg, visited Hyosung’s headquarters and met with Cho in 2011 and 2014 when he visited the country with his economic delegation.

By Hwang Soon-min and Choi Mira

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