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Hyundai inks MOU to develop Saemangeum future mobility project

Published: 06 Apr. 2026, 17:30 Updated: 06 Apr. 2026, 17:46

Hyundai Motor Group Vice Chair Chang Jae-hoon speaks at a signing ceremony at the Korea Development Bank headquarters in Yeouido, Seoul, on April 6, where the group signed a memorandum of understanding with policy lenders to advance its 9 trillion won ($5.9 billion) project to develop the Saemangeum reclaimed area into a future mobility innovation hub. [YONHAP]

Hyundai Motor Group said Monday it has signed a preliminary agreement with state-run banks to advance its 9 trillion-won (US$5.9 billion) project to develop the Saemangeum reclaimed area into a hub for future mobility solutions.

The group said it signed a memorandum of understanding with policy lenders, including the Korea Development Bank (KDB), the Industrial Bank of Korea and the Export-Import Bank of Korea, to discuss financing arrangements and policy support.

"Many of Hyundai's planned projects in Saemangeum fall within the country's 12 key strategic industries critical to future competitiveness," a KDB representative said. "We will review financing for the projects, as they are expected to play a significant role in shaping Korea's competitiveness over the next two decades."

The agreement follows a separate MOU signed in February with the central government and North Jeolla Province to build an innovation cluster focused on AI, robotics and hydrogen in Gunsan, about 180 kilometers southwest of Seoul.

The investment plan includes 5.8 trillion won for an AI data center, 400 billion won for a robotics manufacturing and components cluster, 1 trillion won for a water electrolysis facility, and 1.3 trillion won for solar power infrastructure, among other projects.

Hyundai Motor Group Vice Chair Chang Jae-hoon said the company will secure funding internally while also seeking external investment from institutional and corporate investors.

The group plans to begin phased investments from 2027, initially focusing on technology development and establishing a groupwide robotics business ecosystem, he added.

Yonhap