Hyundai Motor Group is partnering with the African Development Bank to promote clean energy transition and transportation infrastructure in Africa.
On September 8, Hyundai Motor Group announced that it signed a letter of intent (LOI) with the African Development Bank at its headquarters in Yangjae, Seoul.
As part of the collaboration, Hyundai Motor Group will enhance its technological capabilities in mobility, energy, infrastructure, and industrialization in Africa. The partnership aims to identify new business opportunities by leveraging the African Development Bank's development and investment capabilities.
Specifically, the collaboration will focus on six areas: transitioning to clean energy such as green hydrogen, establishing sustainable mobility solutions, developing transportation and logistics infrastructure including roads, railways, and ports, creating an electric vehicle value chain utilizing key mineral resources, strengthening industrialization and manufacturing capabilities, and training talent for future mobility and energy industries.
Following the signing of the agreement, the African Development Bank delegation discussed the development finance environment and key industrial challenges in Africa with Hyundai Motor Group, as well as long-term cooperation strategies. They also explored future mobility technologies, including delivery and security robots, at the Yangjae headquarters.
Jang Jae-hoon, Vice Chairman of Hyundai Motor Group, stated, "This collaboration marks the beginning of a long-term partnership aimed at enhancing energy transition and industrial competitiveness in Africa. We will continue to expand our cooperation with the African Development Bank."
Kevin Chika Urama, Vice President of the African Development Bank, remarked, "The experience, technology, and future vision that Hyundai Motor Group has accumulated closely align with the African Development Bank's vision to transform Africa's potential into prosperity."
Meanwhile, Hyundai Motor Group is expanding its operations in Africa. On September 4, Hyundai Motor launched the 'Hyundai-KOICA NextGen' project in Ghana in collaboration with the Korea International Cooperation Agency (KOICA) to train automotive professionals. The initiative will invest a total of 5 billion won by 2030 to establish an automotive training center and support education for 405 local teachers and students.
* This article has been translated by AI.
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