CIBT Expands Program Offerings to Automotive Services Sector
CIBT School of Business & Technology Corp., a subsidiary of Capital Alliance Group Inc. (TSX-V: CPT) and a leading business school in China, announces that on May 17, CIBT Beihai and Kyonggi Institute of Technology of South Korea (KINST) signed an agreement for a “1+2” program. Commencing this fall, CIBT Beihai will recruit students for a one-year study in China of automotive technology and related training courses taught in Korean and English, and a two-year study of auto technology courses in South Korea. Upon graduation, students will be awarded a recognized South Korean diploma. KINST will also assist students in securing part time employment in the auto industry while they are studying and provide qualified graduates with recommendations to South Korean auto companies in China.
Ten years ago there were 10.4 million registered vehicles in China and those were mainly government and corporate fleets. Today there are 23 million vehicles on the road and more than 40 million Chinese currently hold drivers licenses, and according to a recent survey 40% of Chinese families are planning to buy a new automobile. In 2003 new sales surged 82% and China now trails only Japan and the United States as one of the world’s largest automotive markets. The automotive industry continues to be one of the fastest growing sectors of the Chinese economy. Hyundai, for example, is planning to spend $US 740 million on auto manufacturing in China while its subsidiary, Kia, plans to spend US$ 360 million and their combined total output in China is expected to reach one million vehicles per year. In recognition of the growth in the auto manufacturing sector and its ancillary markets, CIBT has decided to provide Chinese students with training in automotive servicing and manufacturing by partnering with global industry leaders in the field of automotive technology training. CIBT is planning to partner with a number of colleges in northern China for implementing similar programs with South Korean counterparts in 2005 and 2006.
“CIBT plans to capitalize on this opportunity by expanding its education offerings to sophisticated automotive technology training for engineers, maintenance and repair personnel using advanced automotive curricula from Korea, Japan and United States. In order to facilitate this undertaking, CIBT plans to create a wholly owned subsidiary named “CIBT School of Technical Services”. The school will focus on providing technical and specialized training to service China’s growing need for skilled workers”, commented Toby Chu, President and CEO of CIBT.
About Kyonggi Institute of Technology
KINST is supported by the South Korean Government and the Ministry of Commerce and Industry. Founded in April 1966 as a specialized training organization, KINST has been committed to training people at the cutting edge of technology and preparing them for leadership roles in the technological frontier of the 21st century. As a result, KINST has achieved 100% employment for graduates for the last 35 years. It has retrained over 85,000 engineers working in various industries, providing them with new technology for improved productivity. This continuing education program has become one of KINST’s most important contributions to the country’s industrial development.
About CIBT
Founded in 1994, CIBT School of Business is a leading business school in Beijing, China. CIBT operates three campuses in Beijing, a campus in Weifang, and four learning centers in other cities in China. CIBT has academic partnerships with Beijing University of Technology and Weifang University, and delivers postsecondary business and technology education to students and corporations in China. By cooperating with leading education providers in North America, Europe and Asia, CIBT continually develops advanced curriculum to meet the needs of China’s growing economy.
On Behalf of the Board of Directors of CIBT.
Toby Chu
President and C.E.O
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