Hyundai Motor Group starts $200 million manufacturing plant in Kazakhstan

Hyundai Motor Group began construction of a $200 million plant in Kostanay, Kazakhstan, late last year. It is the company's first major manufacturing facility outside of South Korea. The plant is expected to produce 70,000 vehicles per year and create about 1,500 direct jobs, as well as 2,000 jobs in related industries. The issue was discussed during a meeting between ROK First Deputy Prime Minister Roman Sklyar and Hyundai Motor Group Executive Vice President Dong-Wook Kim. The meeting discussed issues of expanding cooperation and localisation of production.

Earlier, South Korea began work on expanding the supply chain by concluding agreements with Kazakhstan. The memorandum of understanding, signed on 12 June, aims to expand the supply chain of key minerals. It allows South Korean companies to participate in the search for lithium, chromium, uranium and rare earth elements in Kazakhstan. This initiative is significant for South Korea, especially given its role as a centre for major semiconductor manufacturers and home to Hyundai Motor Group, the world's fifth-largest automaker, which is actively making the transition to electric vehicles.