Hyundai to boost investments by 57 pct in 2008

SEOUL — Chung Mong Koo , chairman of Hyundai Motor Co., said his company will boost investment spending by 57 percent in 2008 to 11 trillion won ($11.7 billion at current exchange rates).

The company plans to use the money for already announced projects, said spokesperson Oles Gadacz , such as a blast furnace for Hyundai Steel, a Hyundai Motor subsidiary, in Dangjin, South Korea.

The company will also invest in factories in the Czech Republic and Russia and projects for subsidiary Kia Motors Corp.

Chung made the comment to reporters while on his way to meet Lee Myung Bak , who won South Korea's presidential election Dec. 19.