The corporate logo of Hyundai Motor / Yonhap
Hyundai Motor Group is preparing to announce a multitrillion-won investment plan in reclaimed land in North Jeolla Province to foster growth in areas of artificial intelligence (AI), hydrogen and robotics, industry sources said Monday.
According to the sources, the group is expected to soon sign a memorandum of understanding with the industry and climate ministries, as well as the North Jeolla provincial government, on investing several trillions of won in the Saemangeum reclaimed land in Gunsan, North Jeolla Province .
The area was created under a state project aimed at developing a total of 409 square kilometers of reclaimed land by 2050, equivalent to around two-thirds of the capital city of Seoul.
Details are still under discussion, but AI, hydrogen and robotics, key areas of Hyundai's future growth strategy, are being considered as areas of investment, according to the informed sources.
The reported plan is part of Hyundai Motor's previously announced domestic spending initiative. In November, the group said it would invest a total of 125.2 trillion won ($86.9 billion) in Korea through 2030.
Saemangeum offers abundant land and favorable solar conditions, making it suitable for power generation for high-powered AI data centers, which require substantial energy consumption.
The Korean automotive group is also considering stepping up investments in other regions in cooperation with authorities to help revitalize local economies, according to industry watchers.
Source: Korea Times News
