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The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang, Moon-kyu, "Korea Eximbank") signed a memoradum of understading (MOU) with Hyundai Motor on April 1 to provide a 3 trillion won ($2.66 billion) financial support for the 'Industrial Finance Cooperation Program for the Globalization of the Future Mobility Industry.'
Bang Moon-kyu, Chairman of Korea Eximbank met with Hyundai Motor CEO Chang Jae-hoon at the bank’s headquarters in Yeouido and signed the MOU to support policy financing to the automaker which is seeking to successfully transform into a smart mobility solution company.
Under the MOU, Korea Eximbank will offer the company 3 trillion won until 2023 for future mobility business.
The fund will be funneled to research and development, facility investments both domestic and overseas, as well as merger and acquisition deals aimed at helping the company and its suppliers reach an advantageous position in the future mobility market.
The bank will provide multi-pronged support across future mobility sectors to help them develop source technology, establish a mass production system, and grow businesses overseas.
Since the carmaker’s partners include small- and medium-sized companies (SMEs), the bank took into account building a sound ecosystem for the future mobility market and included SMEs as its target companies for financial support.
“Hyundai Motor has developed into a major carmaker since manufacturing the Pony, Korea’s first domestically made car, in 1975,” said Bang after signing the agreement, adding “Korea Eximbank will play a role in helping Hyundai Motor dominate the future mobility market with the financial support program since no winners have yet been decided.”
The Korean government unveiled the national roadmap to develop future car industry in late 2019, envisioning that it would significantly increase the number of electric and hydrogen fuel-cell electric vehicles on the road and develop self-driving aircrafts.