KIC Signs Overseas Joint Investment Agreement Worth 1 Trillion KRW with Hyundai Heavy Industries

Vice President Jeong Gi-seon of Hyundai Heavy Industries Holdings and President Choi Hee-nam of Korea Investment Corporation (right) are signing a Memorandum of Understanding (MOU) for joint investment with overseas advanced technology companies on the 24th at the Hyundai Building in Gyedong, Seoul. Photo by Korea Investment Corporation.

[Asia Economy Reporter Park Jihwan] The sovereign wealth fund KIC has signed a business agreement with Hyundai Heavy Industries Group to jointly invest in securing the nation's future technological competitiveness.

Korea Investment Corporation (KIC) announced on the morning of the 24th that it signed a memorandum of understanding (MOU) with Hyundai Heavy Industries Holdings at the Hyundai Building in Gyedong, Jongno-gu, Seoul, for joint investment in overseas advanced technology companies.

The event was attended by KIC President Choi Heenam and Hyundai Heavy Industries Holdings Vice President Jeong Giseon, along with executives from both companies. The two organizations agreed to jointly invest overseas with a maximum scale of 1 trillion KRW through mergers and acquisitions (M&A) and other means.

Specifically, they plan to invest in promising overseas companies possessing advanced technologies such as △ship autonomous navigation and electronic equipment △fuel cells and energy equipment △artificial intelligence (AI) and robotics △digital healthcare. According to KIC, investing in global advanced technology companies is expected to create synergy effects that will secure the nation's future technological competitiveness and growth engines, as well as enhance the country's sovereign wealth in the long term.

KIC President Choi Heenam said, "Through cooperation with Hyundai Heavy Industries Group, which leads the shipbuilding, machinery, and energy sectors, we expect significant help in discovering investment opportunities and strengthening research capabilities in related industries," adding, "As Korea's only overseas investment specialized institution, KIC will continue to actively seek joint investment opportunities with financial institutions and private companies aiming to expand overseas."

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