Hyundai Motor Group will invest trillions of won in the Saemangeum area of North Jeolla Province to build a large number of facilities for future businesses such as artificial intelligence (AI), hydrogen energy and robots.
On the 23rd, according to the government and others, Hyundai Motor Group is expected as early as this week to sign a memorandum of understanding (MOU) in Saemangeum with relevant ministries such as the Ministry of Trade, Industry and Resources and the Ministry of Climate, Energy and Environment and officially announce its investment plan.
The gist is that if Hyundai Motor Group invests, the government ministries and local governments will support it.
This project is part of Hyundai Motor Group's domestic investment plan worth 125 trillion won unveiled in Nov. last year.
As it benefited from the U.S.-Korea tariff negotiations that lowered auto tariffs from 25% to 15%, it aims to contribute to revitalizing the local economy.
The largest expense is expected to go into building the AI data center.
A robot factory is also expected to be built in Saemangeum.
In addition, a plan is being discussed to install facilities related to hydrogen energy in connection with the water electrolysis technology demonstration project currently under way in Saemangeum.