Hyundai Motor Group and three other South Korean companies received an award from an association of South Korean and Chinese businesses for their contribution to economic exchanges between the two countries.

The Korea-China Private Economic Association(KOCHA) held an annual forum at the Grand Hyatt Hotel in Seoul Thursday, where it bestowed Grand Prix awards on Hyundai Motor Group, SK Networks, LG Display and LS Group.

The companies were assessed highly for their quantitative contribution to economic exchanges between the two countries, as well as technological innovation, social and cultural contributions.

Four Chinese companies were also honored by the association with the highest awards, including the Industrial and Commercial Bank of China(ICBC), Huawei Group, Alibaba Group and Kangde Group.