Hyundai Motor Group (HMG) is expanding its reach beyond its core vehicle business into Africa, focusing on initiatives such as battery supply chains and hydrogen technologies. The group has signed a Letter of Intent with the African Development Bank (AfDB) in Seoul, targeting six strategic areas:
- Clean Energy Transition
- Sustainable Mobility
- Transport and Logistics
- Electric Vehicle Supply Chains
- Industrial Capacity Building
- Talent Development
This partnership aims to leverage HMG’s expertise in mobility and infrastructure alongside AfDB’s development financing to foster industrial growth in Africa. They will work together to identify sector-specific investment initiatives and mitigate risks.
Jaehoon Chang, HMG’s Vice Chair, expressed that this collaboration marks the beginning of a long-term commitment to assist in Africa’s energy transition and enhance its industrial competitiveness. He emphasized the importance of a blended finance package to ensure investment stability for successful initiatives.
Kevin Chika Urama, AfDB’s Chief Economist, acknowledged HMG’s strategic alignment with the bank’s vision to unlock Africa’s potential for prosperity.
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