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Hyundai targets African expansion with SOAS partnership

Heung-Soo Kim, executive vice president and head of global strategy office at Hyundai Motor Group, speaking at the ceremony. (Image source: Hyundai Motor Group)

Hyundai Motor Group has aimed to develop a growth strategy for Africa through the establishment of specialised units for dialogue and research with the School of Oriental and African Studies (SOAS) at the University of London

Recognising Africa’s expanding economic potential, the two have formed a Development Leadership Dialogue (DLD) institute. This will act as a forum to facilitate discussions between the leaders of the development community and the Centre for Sustainable Structural Transformation (CSST), a research centre focusing on structural transformation that will be established by SOAS to facilitate collaboration with Hyundai.

The company and SOAS held an opening ceremony for the DLD with senior executives from both parties in attendance. 

“Hyundai Motor Group has a clear vision of making progress for humanity. Through this partnership, we hope to create opportunities to discuss and collaborate with African countries on ways to improve industries in Africa. The Group will leverage its leading technologies and know-how in various fields, such as hydrogen fuel cells, energy, mobility and construction, to lead long-lasting relationships with African countries,” remarked Heung-Soo Kim, executive vice president and head of global strategy office at Hyundai Motor Group.

The DLD will enable leaders from government, business, academia and civil society to discuss policies and industrialisation plans for developing countries, particularly those in Africa. Moreover, the organisation plans to foster future leaders of developing countries by running leadership programmes targeting potential champions in government and business.

Scheduled to open in February 2024, the CSST will suggest strategies for socio-economic development based on sustainable structural transformation of developing countries, especially those in Africa, in an age of climate crisis. It will also present vision and specific roles for private sector firms, including Hyundai Motor Group, and for governments in developing countries in Africa and elsewhere. CSST will conduct research projects in four major topics: energy conversion, mineral resources, reorganisation of the international supply chain, and construction of new infrastructure. 

Ultimately, through its collaboration with the DLD and CSST under SOAS, Hyundai plans to improve its understanding of African markets and establish the foundation for developing its long-term business strategies in the continent. Through the collaboration, it aims to establish a win-win model, securing global growth momentum for itself while speeding up industrialisation of African countries.

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