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Multinational Automotive Seoul Ulsan South Korean Naver Corporation Search Engine

President Moon Jae-in unveiled a Korean New Deal stimulus package to invest over 160 trillion won and create 1.9 million jobs over five years, with a focus on eco-friendly industries and establishing a digital infrastructure. Hyundai Motor Group and Naver will play leading roles in expanding electric vehicles, hydrogen fuel cell vehicles, and developing artificial intelligence capabilities. The plan aims to increase electric vehicle adoption and hydrogen fueling stations while supporting small businesses and improving social welfare programs.

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Shakhzodkhon Saliev
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53 views3 pages

Multinational Automotive Seoul Ulsan South Korean Naver Corporation Search Engine

President Moon Jae-in unveiled a Korean New Deal stimulus package to invest over 160 trillion won and create 1.9 million jobs over five years, with a focus on eco-friendly industries and establishing a digital infrastructure. Hyundai Motor Group and Naver will play leading roles in expanding electric vehicles, hydrogen fuel cell vehicles, and developing artificial intelligence capabilities. The plan aims to increase electric vehicle adoption and hydrogen fueling stations while supporting small businesses and improving social welfare programs.

Uploaded by

Shakhzodkhon Saliev
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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President Moon Jae-in on Tuesday unveiled the road map of a “Korean New

Deal” stimulus package that seeks to invest over 160 trillion won ($132.67 billion)
and create 1.9 million jobs over the next five years.
Under the presidential plan, the country will invest 73.4 trillion won in eco-
friendly industries' growth, 42.7 trillion won of which will come from the state
coffer.
The Korean New Deal is our new centennial blueprint, as well as a paradigm shift
to leap forward into a pace-setting economic model,” said Moon
We should focus on building a ‘data dam’ to establish an eco-friendly, digital-
driven infrastructure and prepare the ground for sustainable growth after COVID-
19
The Korean New Deal is not a government project. It is all about national unity.
This is why (Tuesday’s) meeting will involve figures from every part of the
society, ranging from labor unions, management, civic groups, political parties,
and government.

The Hyundai Motor Company is a South Korean multinational automotive manufacturer


headquartered in Seoul. Hyundai Motor Company was founded in 1967. Hyundai operates the
world's largest integrated automobile manufacturing facility in Ulsan, South Korea which has an
annual production capacity of 1.6 million units.

Naver is a South Korean online platform operated by Naver Corporation. It debuted in 1999 as the
first web portal in Korea to develop and uses its own search engine. It was also the world's first
operator to introduce the comprehensive search feature, which compiles search results from various
categories and presents them in a single page. Naver has since added a multitude of new services
ranging from basic features such as e-mail and news to the world's first online Q&A platform
Knowledge iN.

Hyundai Motor Group and portal service firm Naver will play leading roles in
President Moon Jae-in's Korean New Deal plan, as the government slates carbon
neutral mobility and digital economy as the two main pillars of the investment
initiative.
The leaders of the two industrial giants introduced their current technologies in
the digital economy and eco-friendly mobility businesses during Moon's
announcement of the Korean New Deal, pledging to contribute to the country's
economic revitalization efforts.
2.
The central points of this plan are electric vehicles (EVs) and hydrogen fuel-cell
electric vehicles (FCEVs). The government said it plans to have 1.13 million
passenger and commercial EVs by 2025, as well as improving the country's EV
charging infrastructure. Also, the government seeks to increase the number of
FCEVs to 200,000 by then.

Hyundai Motor is already making efforts to expand EVs and FCEVs. Since May,
Chung has met Samsung Electronics Vice Chairman Lee Jae-yong, LG Group
Chairman Koo Kwang-mo and SK Group Chairman Chey Tae-won at their battery
plants and discussed technologies for advanced EV batteries.

Chung's outings were interpreted as part of Hyundai Motor Group's efforts to


secure enough batteries and advanced technologies amid the outlook that EV
battery demand will outpace supply as early as next year.

"Recently, I visited the battery units of Samsung, LG and SK and had meaningful
discussions with their chiefs," Chung said during the presentation. "I am very
proud that the three firms leading the global battery industry are based in Korea,
and will enhance cooperation with them for leadership in the global eco-friendly
mobility market."

During the presentation, Chung said Hyundai Motor will come up with an
advanced fuel cell system that can provide doubled longevity at half the cost in
the next three to four years, adding the carmaker will spare no efforts to become a
top-tier eco-friendly firm in the EV and FCEV businesses.
"The hydrogen fuel cell and electric mobility businesses will be core items for the
future, and the government's initiative to nurture eco-friendly industries will be
an important step toward that," Hyundai Motor Group Executive Vice Chairman
Chung Euisun said during his televised presentation to Moon. "By 2025, Hyundai
Motor Group brands will roll out 23 electric vehicles and sell 1 million of them to
occupy 10 percent of the global market. … Also, we will focus on expanding
hydrogen fuel cell vehicles in the U.S., European and Chinese markets."
3. Under the Digital New Deal, Naver is expected to take a leading role.

Naver CEO Han Seong-sook said during her presentation that the company's data
processing and analysis capability has played a key role for small business owners
to expand their coverage, and its data centers will be the "brain" for developing
robotic technology.

"Naver will open data analyzed by its artificial intelligence (AI) technology to the
public through cloud computing," Han said. "And we hope AI researchers and
other industries will freely use the data and spur the Fourth Industrial Revolution
here."

To support digital firms, the country will spend 58.2 trillion won to nurture data,
networks, artificial intelligence and contactless industries as well as digitizing
social overhead capital.

The government also pledged to spend 28.4 trillion won to improve the country's
social safety net to enhance the job security of freelancers and gig workers, as well
as expand the coverage of the national employment insurance.

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