Hyundai Heavy Industries and Korea Investment Corporation to Spend 1 Trillion Won Acquiring Leading AI and Autonomous Navigation Companies

Vice President Jeong Gi-seon of Hyundai Heavy Industries Holdings (photo left) and Choi Hee-nam, CEO of Korea Investment Corporation, signed a Memorandum of Understanding (MOU) for "Joint Investment in Overseas Advanced Technology Companies" on the 24th at the Hyundai Building in Gyedong, Seoul.

[Asia Economy Reporter Choi Dae-yeol] Hyundai Heavy Industries Group's holding company Hyundai Heavy Industries Holdings and Korea Investment Corporation (KIC) have decided to invest 1 trillion won to acquire or take equity stakes in companies with advanced technologies in fields such as artificial intelligence (AI), robotics, digital healthcare, autonomous ship navigation, and hydrogen fuel cells.

On the 24th, Jung Ki-sun, Vice Chairman of Hyundai Heavy Industries Holdings, and Choi Hee-nam, CEO of KIC, signed a "Business Agreement for Joint Investment in Overseas Advanced Technology Companies" at the Hyundai Building in Gyedong. According to this agreement, Hyundai Heavy Industries Holdings will utilize KIC's extensive network to acquire global companies with high growth potential. Even after acquisition, they plan to actively invest and support the growth of these companies. This is to accelerate growth in new business sectors.

Hyundai Heavy Industries Holdings operates mainly in shipbuilding, including intermediate holding companies, construction machinery, and refining. It has continuously invested in new growth engines such as autonomous ship navigation, AI, robotics, and digital healthcare. In 2018, it entered the digital healthcare industry in collaboration with Kakao and Seoul Asan Medical Center, and in December last year, it established Avikus, which develops autonomous navigation solutions using AI. Korea Investment Corporation is a sovereign wealth fund specializing in overseas investments with expertise in participating in local companies and technology investments abroad.

Vice Chairman Jung Ki-sun said, "As the business environment rapidly changes, corporate value depends on future growth engines," adding, "I hope this agreement will be the first step toward making the new businesses Hyundai Heavy Industries Holdings is pursuing a reality, not a distant future."

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