SEOUL– Hyundai Glovis Co. said Wednesday it has signed a preliminary deal with Malaysia’s retail-to-steel conglomerate Lion Group to partner up for smart logistics solutions in the Southeast Asian market.
Under the memorandum of understanding, Hyundai Glovis’ advanced logistics management system will be introduced to Lion Group’s key business units, starting off with the steel area, before expanding it to other sectors, such as retail, the South Korean company said in a release.
Hyundai Glovis and Lion will work to upgrade the overall logistical efficiency of the latter’s steel business by adopting smart solutions designed to be more cost-effective.
The two will also cooperate on expanding the regional foothold to other neighboring ASEAN countries, which include Thailand, Vietnam and Singapore.
Hyundai Glovis, the logistics unit of Hyundai Motor Group, has been seeking to bolster its market presence in Southeast Asia. It set up subsidiaries in Vietnam in 2019 and Thailand this year.
Source: Yonhap News Agency