MEDIA / H-Story

– Ukraine’s Vice Infrastructure Minister Visited Korea
– Discussing Various Projects Including High-Speed Railroad and Subway Construction
– Requested to Serve as a Bridge to the Hyundai Family

Hyundai Corporation Group Chairman Chung Mong-hyuck

Hyundai Corporation (HC) has ramped up its efforts to take part in rebuilding Ukraine. According to industry sources, starting from Hyundai Corporation, the Hyundai family is projected to participate in Ukraine reconstruction projects more actively.

According to industry sources, Hyundai Corporation and the Ukrainian government have conducted under-the-table negotiations to collaborate in reconstructing Ukraine. On June 16, Ukraine’s Vice Infrastructure Minister Vasily Shkurakov visited Hyundai Corporation to meet with HC’s Vice President Nam Geun-ho, who leads the business team.

The Ukrainian government is known to have asked Hyundai Corporation to function as a bridge between Ukraine and the Hyundai Group as a whole. The Ukrainian government is requesting Hyundai Corporation to engage in reconstruction projects in Ukraine via its Hyundai Group networks.

Hyundai Corporation members and Ukraine’s Infrastructure Ministry officials are known to have paid a visit to HD Hyundai Construction Equipment’s Ulsan Campus, HD Hyundai Heavy Industries’ Ulsan Shipyard, and KORAIL. This demonstrates that Hyundai Corporation has acted as a bridge between the Ukrainian government and Korean companies.

This event also served as an opportunity to exchange opinions on Ukraine’s high-speed railway project. In November 2020, together with Hyundai Rotem, Korea Eximbank, and Korea Trade Insurance Corporation, Hyundai Corporation bid for USD 18 billion (KRW 23 trillion) worth of contracts to build high-speed railways in Ukraine.

The Russia-Ukraine war has caused the project to be suspended but industry sources expect that Hyundai Corporation is highly likely to become the successful bidder. There is also hope that Hyundai Corporation will participate in building not only high-speed railroads but also a subway system in Kiev following the end of the war. This is because Hyundai Corporation already won a contract to supply 90 cars for high-speed trains in 2010, solidifying its networks in Ukraine. Ukraine is also known to have asked Hyundai Corporation to provide support in financing.

These results are partly attributed to Chairman Chung’s efforts to promote collaboration between the two parties. At the Global Strategy Conference held last February, he also highlighted the importance of the Ukraine reconstruction project. Chairman Chung has said repeatedly that Hyundai Corporation will review various plans to contribute to rebuilding Ukraine and facilitating its economic development.

 

2Maeil Business Newspaper
June 22, 2023