Export-Import Bank to Provide 3 Trillion Won Support for Hyundai Motor's Future Mobility Market Domination
Visiting Governor Bang Moon-kyu: "I hope K-sure's financial support plays a role in Hyundai Motor's conquest of future markets"
[Asia Economy Reporter Park Sun-mi] The Export-Import Bank of Korea (hereinafter ‘KEXIM’) and Hyundai Motor Company signed an agreement on the 1st for a 3 trillion KRW-scale ‘Industrial Finance Cooperation Program for the Globalization of the Future Mobility Industry.’
On the same day, KEXIM President Bang Moon-kyu met with Hyundai Motor CEO Jang Jae-hoon at KEXIM’s headquarters in Yeouido and signed the agreement to provide policy financing to Hyundai Motor, which is successfully transitioning into a smart mobility solutions company.
Following this agreement, KEXIM plans to provide a total of 3 trillion KRW in financing by 2023 for Hyundai Motor’s future mobility-related businesses. Specific support targets include research and development, domestic and overseas facility investments, and mergers and acquisitions (M&A) aimed at securing overseas markets for Hyundai Motor and its small and medium-sized enterprise (SME) and mid-sized partner companies’ future mobility businesses.
KEXIM will support the entire financial needs required for securing core technologies, establishing mass production systems, and expanding overseas operations across the future mobility industry ecosystem. Notably, the inclusion of SMEs and mid-sized partner companies as target beneficiaries aims to foster a healthy ecosystem for the future mobility industry through the development of these companies.
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After signing the agreement, President Bang said, “Since Hyundai Motor produced its first independently manufactured model, the Pony, in 1975, it has grown into a leading automobile manufacturer. As the future mobility market has yet to determine a clear winner, KEXIM’s financial support cooperation program will play a role in helping Hyundai Motor dominate the future market.” Hyundai Motor CEO Jang Jae-hoon responded, “This business agreement will serve as a stepping stone to accelerate Hyundai Motor’s successful transition into a smart mobility solutions company. Through active collaboration, we will firmly establish a foundation for sustainable future growth.”
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