Kumho Asiana Group chairman Park Sam-koo was conferred honorary citizenship by authorities in Nanjing, China, for his contribution to development of the region.

Park has been evaluated as one of the key business leaders, who have pushed ahead with bilateral economic cooperation between Korea and China.

Kumho Tire’s Nanjing plant, set up in 1994 as a joint venture with a Chinese tire manufacturer, currently produces 5 million tires every year, accounting for 14 percent of the world’s fastest-growing tire market.

Kumho Tire has gained a particularly strong foothold in southern China, or south of the Yellow River, leading the region’s radial tire market ― tires for automobiles ― with a 20 percent market share.

In addition to selling tires to local and foreign carmakers that have rushed to China, Kumho Tire has exported about 30 percent of its China-based output to other overseas markets, including North America and Europe.

By Kim Yon-se (kys@heraldcorp.com)