Source Pravda.Ru

Traian Basescu arrives in South Korea

Romania's president arrived Tuesday in South Korea for a two-day visit that he said would focus on business talks.

Romanian President Traian Basescu was to meet with South Korean President Roh Moo-hyun later Tuesday for talks on ways of increasing bilateral cooperation as well as on security situations in both regions, Roh's office said.

Ahead of his departure from Romania, Basescu said business topics would dominate his trip. Basescu also said he would try to find a solution for transferring the stock of car maker Daewoo Automobile Craiova back to the Romanian state, after its majority owner Daewoo Motor Co. went bankrupt.

The Romanian plant was excluded from a 2003 deal in which General Motors bought some of Daewoo's assets to form GM Daewoo Auto & Technology Co.

The Romanian government, which owns 49 percent of the company's stock, is trying to save the company by finding another partner to take over the plant in Craiova.

In the first half of this year, the plant sold some 13,000 cars. Its sales represent about 12 percent of the Romanian car market, which is dominated by Dacia-Renault with 47 percent.

Basescu is the first Romanian president to visit South Korea since 1994. The two countries established diplomatic ties in 1990. Their two-way trade volume amounted to US$400 million (Ђ332.72 million) last year, AP reports.

A. A.

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