Daewoo to Increase Its investment in Poland

Daewoo Corp. said it will increase its investment in Poland to up to $2.2 billion by 2001 and double its planned car production to 550,000 a year. Under Daewoo’s previous plan, the South Korean company was to invest $1.5 billion in Poland. “We are proving we are not only able to keep our promise, we are making efforts to go much further than the promise,” J.C. Suk, president of Daewoo’s car venture in Poland, Daewoo-FSO, said at a news conference. Daewoo, which a year ago set up a joint venture with Polish car company FSO, already has paid $90 million to cover its Polish partner’s debts and invested $22 million in improving the company’s most popular car, the Polonez. A year earlier than planned, Daewoo has started investing more than $550 million in a production line to build a new model called Lanos, said Daewoo-FSO’s production director.