Hyundai Corp. ramps up participation in Ukraine recovery

Hyundai Corp. Chairman Chung Mong-hyuk [Photo provided by Hyundai Corp.]

Hyundai Corp., a general trading company in South Korea, is taking more part in the moves to help rebuild war-stricken Ukraine, raising projections that the participation will invite other businesses under the Hyundai name to join.

According to sources from the conglomerate circle on Thursday, Hyundai Corp. and the Ukrainian government are engaged in talks behind the scenes regarding reconstruction projects.

Last week, Ukraine’s Deputy Minister of Infrastructure Vasily Shkurakov met with Hyundai Corp. Vice President Nam Geun-ho for a discussion. Sources note that Ukraine asked Hyundai Corp. to play the role of connecting with other Hyundai companies with its network.

Hyundai Corp. is known to have accompanied the Ukrainian Ministry of Infrastructure on visits to the sites of HD Hyundai Construction Equipment Co. and HD Hyundai Heavy Industries Co. in Ulsan, Korea.

During the meeting, discussions also centered around the Ukrainian high-speed rail project.

In November 2020, Hyundai Corp., together with Hyundai Rotem Co., the Export-Import Bank of Korea, and the Korea Trade Insurance Corp., took part in a bid for an $18 billion high-speed rail project in Ukraine.

The project has been halted due to the Russia-Ukraine war but industry sources are optimistic that Hyundai Corp. may win the order.

There are also prospects that the Korean company may also win the subway project in Kyiv, Ukraine’s capital city, based on the network it has established after it won a contract in 2010 to supply 90 high-speed electric locomotives to Ukraine.

Hyundai Corp. Chairman Chung Mong-hyuk has played a pivotal role in fostering collaboration with Ukraine. During the Global Strategy Conference (GSC) in February, Chung emphasized the importance of Ukraine’s reconstruction.

“We will explore various measures to contribute to the reconstruction and economic development of Ukraine,” he said.