South Korea’s Hyundai Motor Group said on Wednesday that it plans to invest 23 trillion won ($21.6 billion) in smart car technology and new businesses and hire 45,000 employees over the next five years.

The investment plan was presented by Chung Eui-sun, vice chairman and the de facto heir to the country’s second-largest conglomerate, in a meeting with Kim Dong-yeon, deputy prime minister and finance minister, at Hyundai Motor Group’s Mabuk Environmental Technology Center in Yongin, Gyeonggi Province.

The five new businesses poised for investment are related to vehicle electrification, smart car, robot and artificial intelligence, and future energy sectors, and also fostering startups. It is the first time for Hyundai Motor Group - the owner of Korea’s two largest automakers Hyundai Motor Co. and Kia Motors Corp. - to officially announce its business plan involving robot and artificial intelligence technologies. The conglomerate plans to focus investment on research and development and on job creation by hiring talented individuals from around the world.

When it comes to fostering startups, Hyundai Motor Group unveiled plans to establish an open innovation system that enables it to set up joint ventures and enhance partnership with universities and research institutions. The conglomerate also unveiled plans to put out more efforts to promote shared growth with about 5,300 first, second, and third-tier suppliers by managing 24 programs that include joint development of new technologies, and providing professional technical training and on-site management support. Hyundai Motor and Kia Motors will also share patents with suppliers.

By Lee Yu-sup and Lee Eun-joo

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