Hyundai Motor Group (the Group) is to develop a growth strategy for Africa by establishing specialist units for dialogue and research with the School of Oriental and African Studies (SOAS) at the University of London. SOAS University of London is one of the university’s 17 colleges and is known for its extensive studies in developing regions, particularly Asia and Africa.
The partnership between the Group and SOAS University of London was formed in response to the growing importance and economic potential of Africa, which has come into focus during a period of global economic transformation driven by climate change and the fourth industrial revolution.
The newly established Institute for Development Leadership Dialogue (DLD), a forum for discussion among development community leaders, and the Center for Sustainable Structural Transformation (CSST), a research center focusing on structural transformation in an era of climate crisis, will be established under the University SOAS London for facilitating collaboration with the Group.
The Group and SOAS University of London held a launch ceremony for the DLD at the Brunei Gallery lecture theater on 18 October. Among the Group’s attendees was Gyun Kim, Executive Vice President and Head of the Business Intelligence Institute. Heung-Soo Kim, Executive Vice President and Head of Global Strategy Office (GSO), Hyundai Motor Group. Ashley Andrew, President of Hyundai Motor UK. and Paul Philpott, Chairman and CEO, Kia UK Ltd. Attendees from SOAS University of London included Professor Adam Habib, Principal; Professor Laura Hammond, Pro-Director. Professor Elisa Van Waeyenberge, Head of the College of Development, Economics and Finance. Professor Ha-Joon Chang; Professor Christopher Cramer; Professor Jonathan Di John; Professor Antonio Andreoni; and other school officials.
At the event, Adam Habib, Director of SOAS, said: “SOAS currently has a new strategic agenda at the heart of which is our mission to act as a bridge to the world. This requires knowledge systems to interact with each other and institutional partnerships across intercontinental and sectoral borders. We believe this grant enables education and learning in a subject matter that is central to the sustainability of our world.”
Heung-Soo Kim, Executive Vice President and Head of Global Strategy Office, said: “Hyundai Motor Group has a clear vision of progress for humanity. Through this partnership, we hope to create opportunities for discussion and collaboration with African countries on ways to improve industries in Africa. The Group will leverage its leading technologies and expertise in various sectors, such as hydrogen fuel cells, energy, mobility and construction, to drive long-term relationships with African countries.”
The DLD will enable leaders from government, business, academia and civil society to discuss industrialization policies and plans for developing countries, particularly those in Africa, through interdisciplinary discussions, workshops and seminars. This foundation aims to build a collaborative foundation for politicians, scholars and business leaders to exchange their views and forge a common understanding of the roles of various sectors for the social and economic progress of developing regions, including Africa. In addition, the organization plans to strengthen future leaders of developing countries by running leadership programs targeting potential champions in government and business. Professors Chang, Cramer and Di John will co-direct the DLD.
Scheduled to open in February 2024, the CSST will propose strategies for socio-economic development based on the sustainable structural transformation of developing countries, particularly those in Africa, in an era of climate crisis. It will also present a vision and specific roles for private sector companies, including Hyundai Motor Group, and for governments in developing countries in Africa and elsewhere. The CSST will conduct research projects in four main themes: energy conversion, mineral resources, international supply chain reorganization and new infrastructure construction. Professors Chang and Andreoni will co-direct the CSST.
Through its collaboration with DLD and CSST within SOAS University of London, the Group plans to improve its understanding of African markets and lay the foundations for the development of its long-term business strategies on the continent. It will actively participate in research by sending Hyundai Motor and Kia employees for research activities, seminars and workshops. The Group also plans to actively propose the roles and responsibilities of the private sector in Africa’s industrialization. In addition, the Group will interact closely with relevant organizations in the region to maximize synergies. Through the partnership, the Group aims to create a win-win model, securing for itself global growth potential while accelerating the industrialization of African countries.
Hyundai Motor Group accelerates its win-win strategy with African countries
Through its cooperation with African countries, the Group seeks to find mutually beneficial cooperation opportunities with African countries beyond securing market share.
For example, the Group aims to find and implement industrial development opportunities and establish cooperative relationships with African countries leveraging its technologies and products. The joint development of Africa’s natural resources and renewable energy sources would be a good example of mutually beneficial cooperative efforts.
This partnership can potentially accelerate both the industrialization of Africa and the Group’s business development in the region.