Word: hyundais
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Some of the disputes have been settled. South Korea's Hyundai Engineering and Construction Co. reportedly reached an agreement in which, in exchange for prompt payments, it sent 2,000 Korean workers back to Iraq. But the Iraqis have not yet convinced the Philippine government that its citizens, who work in Iraq in a variety of service jobs, should receive 40% of their pay in local currency and the balance in bonds that could be redeemed in hard currency after two years. Nor have foreign businessmen been able to find their own financing for projects that Iraq no longer...
...Americans and Europeans are better at providing technical services, admits Seoul Businessman Chongwhan Choi, and on the whole, he says, he and his compatriots are content "doing jobs that require a lot of muscle power but little brain." To meet the construction deadline for the Jubail harbor, for example, Hyundai Co. is flying in 300 workers a week for an eventual total of 3,300, and Korean Air Lines has begun twice-weekly flights direct from Seoul to Bahrain. Business leaders expect the volume of contracts for this year to top $2 billion and to reach $10 billion...