Hyundai Motor Group to Accelerate Building a ‘Saemangeum Hub’ in Partnership with Policy Financial Institutions Including KDB

[The Financial News] Hyundai Motor Group has joined forces with domestic policy financial institutions to build an advanced industrial ecosystem for a 9 trillion won investment project in Saemangeum.
On the 6th, at the Korea Development Bank (KDB) headquarters building in Yeongdeungpo District, Seoul, Hyundai Motor Group signed the "Memorandum of Understanding on Financial Support and Cooperation for the Saemangeum Project between Hyundai Motor Group and Policy Finance Institutions" with major policy financial institutions including Korea Development Bank (KDB), Industrial Bank of Korea (IBK), The Export-Import Bank of Korea (KEXIM), and Korea Credit Guarantee Fund (KODIT).
This agreement follows the "Memorandum of Understanding on Fostering Advanced Robotics and Hydrogen Industries and Creating an AI Hydrogen City in Saemangeum (MOU)" that Hyundai Motor Group signed in February with the central government and Jeonbuk Special Self-Governing Province.
At that time, Hyundai Motor Group announced that it would invest about 9 trillion won to build an AI data center, a solar power generation facility, and a water electrolysis plant on a 1,124,000-square-meter (about 340,000-pyeong) site in the Saemangeum area.
The Saemangeum investment by Hyundai Motor Group is expected to help create an advanced industrial ecosystem spanning robotics, AI data centers, hydrogen energy and an AI Hydrogen City, while also laying the foundation for sustainable regional growth and strengthening long-term innovation capacity across the Southwestern Coastal Region of Korea by attracting top talent.
Attending the signing ceremony were key figures from policy financial institutions, including the Chairperson of the Financial Services Commission Lee Eok-won, Chairman and CEO of Korea Development Bank Park Sang-jin, President and CEO of the Industrial Bank of Korea Jang Min-young, Chairman and CEO of the Export-Import Bank of Korea Hwang Ki-yeon, and Chairman of the Korea Credit Guarantee Fund Kang Seung-joon.
From Hyundai Motor Group, Vice Chairman Jang Jae-hoon, President Seo Kang-hyun in charge of Corporate Planning and Coordination, and Head of Division Shin Seung-gyu of the RH PMO, among other executives and staff, were present.
Vice Chairman Jang stated, "Saemangeum has plans for 10 gigawatts of renewable energy, a Tri-Port mobility network, and new town infrastructure that will accommodate 700,000 people," adding, "It is a place where the location conditions that companies seek and the government's vision for regional growth are perfectly aligned."
He continued, "Just 38 days after announcing our investment plan, we are now working together with four policy financial institutions," and added, "This clearly demonstrates the strong shared commitment of the public and private sectors to this project."
Under the MOU, KDB has selected Hyundai Motor Group's Saemangeum project as the first initiative of the recently formed Council of Policy Financial Institutions and will provide advisory services and support on the project's financial structure by linking productive finance and climate finance.
KEXIM will offer export-import finance and, when robotics and other products are exported, will support related companies' global expansion and trade activities by leveraging overseas market information and its international network.
IBK and KODIT will enhance access to finance for small and medium-sized as well as mid-sized companies involved in robotics and hydrogen components, and support their use of climate finance.IBK and KODIT will enhance access to finance for small and medium-sized as well as mid-sized companies involved in robotics and hydrogen components, and support their use of climate finance.
eastcold@fnnews.com Kim Dong-chan Reporter