[Asia Economy Reporter Yuri Kim] Hyundai Engineering announced on the 12th that it has signed a Memorandum of Understanding (MOU) with Korea Land and Housing Corporation (LH) to promote cooperation in overseas smart city development projects.
The signing ceremony held at the LH Ori Building in Bundang-gu, Seongnam-si, Gyeonggi Province was attended by Park Chan-woo, Executive Director and Head of Infrastructure and Investment Development Division at Hyundai Engineering, and Lee Jung-kwan, Head of LH Global Business Division, who discussed future cooperation plans.
The main contents of the agreement signed that day include ▲ cooperation in overseas smart city project development ▲ joint entry into urban development projects in ASEAN countries ▲ sharing experience in overseas construction projects and urban development ▲ cooperation in technology development related to smart cities.
Hyundai Engineering has experience in pioneering new overseas markets and project execution, while LH has experience in domestic and international urban development projects. Recently, both have participated in overseas smart city development projects in Kuwait, Indonesia, and other countries. Through this MOU, both companies expect to maximize mutual synergy by sharing experience and networks.
A Hyundai Engineering official said, "Smart city development projects are among the businesses responding to the post-COVID-19 era, attracting attention as they combine social overhead capital (SOC) and the Fourth Industrial Revolution." He added, "Recently, the export of Korean-style smart cities has also accelerated. Based on globally recognized overseas construction and information and communication technology (ICT) competitiveness, overseas expansion will increase."
Hyundai Engineering is currently constructing the Balikpapan oil refinery in East Kalimantan Province on Borneo Island, which the Indonesian government has designated as the site for the 40 trillion won capital relocation project. The company has a strategy to participate in the Indonesian capital relocation project based on its successful project execution experience in Indonesia.
A Hyundai Engineering official said, "Through the MOU for cooperation in overseas smart city projects with LH, we will share each company's human and material resources and experience to maximize mutual synergy." He added, "Based on Hyundai Engineering's overseas project execution experience, we will explore various opportunities in the smart city sector."
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