Hyundai Motor Contract Ceremony Attended by Yoon at Saudi Request... Chung Euisun: "Saudi Electric Vehicle Entry After 50 Years"

Originally Planned at MOU Signing Ceremony... Upgraded to Event Due to Strong Saudi Demand
Chairman Chung Eui-sun: "Hope New Technology Becomes Foundation for Saudi Youth's Future"
Chairman Lee Jae-yong: "Countless Areas for Future Cooperation... We Will Work Together"

On the 22nd (local time), the signing ceremony for the joint automobile production investment agreement between Hyundai Motor Company and the Saudi Public Investment Fund (PIF) held in Riyadh, Saudi Arabia, was reportedly changed to the main event attended by President Yoon Suk-yeol at the strong request of the Saudi government. Chung Eui-sun, Chairman of Hyundai Motor Group, stated, "It is deeply moving that Hyundai Motor is entering the Saudi electric vehicle business 50 years after the previous generation chairman participated in Saudi construction projects."

President Yoon attended the 'Korea-Saudi Investment Forum' along with Korea's accompanying economic delegation. About 300 businesspeople and government officials from both countries participated in the forum. The two sides signed a total of 46 contracts or MOUs (Memoranda of Understanding) across various fields including clean energy, electric vehicles, digital technology, and smart farms.

President Yoon Suk-yeol, who is on a state visit to Saudi Arabia, attended the Korea-Saudi Investment Forum held at the Fairmont Hotel in Riyadh on the 22nd (local time). In the front row, from the right, are Chung Eui-sun, Chairman of Hyundai Motor Company; third is Lee Jae-yong, Chairman of Samsung Electronics; fifth is Ryu Jin, Chairman of the Korea Economic Association; and Minister Visit-kyu of the Ministry of Trade, Industry and Energy also attended.
[Photo by Yonhap News]

Among the day's events, the signing ceremony for the joint automobile production investment agreement between Hyundai Motor and PIF was originally scheduled to take place separately in the morning, like other MOUs. However, due to strong demands from the Saudi government, the event order was changed, and it became the main event attended by President Yoon.

Behind-the-scenes stories from key business figures including Chairman Chung Eui-sun who attended the event were also shared. Chairman Chung said during a preliminary discussion, "It is deeply moving that Hyundai Motor is entering the Saudi electric vehicle business 50 years after the previous generation chairman participated in Saudi construction projects," adding, "I hope this will not be merely a market for selling products but a cornerstone for industrial development where Saudi youth can open the future based on new technologies. We will strive to make Saudi the automotive industry hub of the Middle East."

Samsung Electronics Chairman Lee Jae-yong also attached great significance to the Saudi market. Chairman Lee said, "We are involved not only in the mobile phone business but also in Saudi Arabia's first metro construction project and the NEOM project," adding, "There are countless areas for future cooperation. We will work together to realize Saudi Vision 2030."

During the preliminary talks, President Yoon also expressed gratitude for significant investments in Korea such as Aramco's Shaheen project and the Saudi Public Investment Fund's investments in secondary batteries and gaming. It was emphasized that Korean companies, equipped with both technology and experience, combined with innovative management mindsets and diligent workers, will greatly contribute to the success of Saudi's national transformation projects like 'Vision 2030' and mega projects such as NEOM.

Meanwhile, taking advantage of this visit by the Saudi economic delegation, a total of 46 MOUs and contracts were signed. During the forum, a signing ceremony was held for the agreement on Hyundai Motor's automobile factory construction in Saudi Arabia, one of the core projects of the Saudi Public Investment Fund. Hyundai Motor's first factory establishment in the Middle East is expected to become a key hub for exports to the region in the future. In addition, practical outcomes ready to start immediately were achieved, such as cooperation agreements for blue ammonia production between Aramco and Korea Electric Power Corporation (KEPCO), POSCO, and Lotte Chemical. Furthermore, at the MOU signing ceremony held just before the forum attended by Minister of Industry and Energy Moon Sung-wook and Saudi Minister of Investment Khalid Al-Falih, a total of 46 agreements were signed across diverse fields including plants, hydrogen, electric vehicles, bio, AI/robotics, and software.

This content was produced with the assistance of AI translation services.