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THE INVESTOR
March 01, 2024

Market Now

Hyundai Motor says Expo bid bolstered global partnerships

  • PUBLISHED :November 30, 2023 - 10:00
  • UPDATED :November 30, 2023 - 10:00
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Hyundai Motor Group Executive Chair Chung Euisun (left) talks with a member of a foreign delegation at a banquet in Paris on Oct. 9, the night before a symposium to promote Busan's ultimately unsuccessful bid to host the 2030 World Expo. (Hyundai Motor Group)

Hyundai Motor Group, one of the most avid supporters of the ultimately unsuccessful Korean campaign to host the World Expo 2030 in Busan, reports having strengthened its worldwide business opportunities and global partnerships through the campaign-backing efforts across the globe.

The Korean government came up short as the country lost to Riyadh, Saudi Arabia in the first round of voting by the members of the Bureau International des Expositions in Paris on Tuesday.

Despite the loss, Hyundai Motor was able to promote its businesses and competitiveness by establishing relationships and promoting cooperation in various, fields such as corporate social responsibility, while getting in touch with the leaders and key figures of each BIE member state to seek their support for Busan’s World Expo bid.

Hyundai Motor increased awareness of its brand in some developing countries, as the company had chances to showcase its cutting-edge technologies and future businesses in detail.

As one of the most active automakers to achieve vehicle automation, Hyundai Motor said it suggested cooperation with countries that have not fully begun the automation transformation to set up charging infrastructure for electric vehicles and paved the way to enter their markets with its electric vehicles.

The auto giant also discussed future business opportunities with representatives of numerous countries in terms of auto parts, mineral resources and infrastructure for railways and small modular reactors.

For instance, Hyundai Motor launched the Green Light Project in Albania, Zimbabwe and Mozambique to help developing countries increase their self-reliance. The projects took place as the automaker sought support for Busan’s Expo bid in those countries and pushed for cooperation with them. The projects include medical support for disabled children, advancing the agricultural and mining industries and establishing a music education center.

Regardless of the results of the World Expo 2030 campaign, Hyundai Motor plans to go ahead with the Green Light Project in the African region next year.

“We plan to not only keep pushing for various cooperation projects, which we promoted during the Busan Expo campaign process, but also further strengthen bilateral cooperation,” said a Hyundai Motor Group official.

“Through this, we expect to establish sincere networks with partner countries and enhance Hyundai Motor Group’s future business competitiveness.”

By Kan Hyeong-woo (hwkan@herladcorp.com)

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