Seoul: Hyundai Motor Group is gearing up to announce a significant multitrillion-won investment plan in the reclaimed land of North Jeolla Province, aimed at fostering growth in artificial intelligence (AI), hydrogen, and robotics, as per industry sources.
According to Yonhap News Agency, the group is expected to soon sign a memorandum of understanding with the industry and climate ministries, as well as the North Jeolla provincial government. This agreement will focus on investing several trillions of won in the Saemangeum reclaimed land in Gunsan, located approximately 180 kilometers southeast of Seoul. This area is part of a state project intended to develop 409 square kilometers of reclaimed land by 2050, which is about two-thirds the size of Seoul.
While the details are still under discussion, informed sources indicate that AI, hydrogen, and robotics are being considered as key areas for investment, aligning with Hyundai's future growth strategy. This plan is part of Hyundai Motor's broader domestic spending initiative previously announced in November, where the group committed to investing a total of 125.2 trillion won (US$86.9 billion) in South Korea by 2030.
Saemangeum provides ample land and favorable solar conditions, which are ideal for power generation needed by high-powered AI data centers that require significant energy consumption. Additionally, the South Korean automotive group is contemplating increasing investments in other regions in collaboration with authorities to aid in revitalizing local economies, according to industry observers.