19 August 2014 - Philippine Ambassador to South Korea Raul S. Hernandez met with officials of Hyundai Motor Group’s Overseas Policy Coordination Team led by Director Ickkyun Oh on July 28 at the Embassy Chancery in Seoul.
Ambassador Hernandez invited the Hyundai Motor Group “to explore expanding its manufacturing operations to the Philippines,” citing the Philippines’ “strategic location in the ASEAN region and its competitive edge in terms of a highly skilled and educatedlabor force.”
Director Oh expressed Hyundai Motor Group’s interest in enhancing business ties with the Philippines, noting the continuing profitability of the company’s distributor, Hyundai Asia Resources Inc. in the Philippines.
The head of the Philippine Trade and Investment Center (PTIC), Special Trade Representative and Commercial Counsellor Nicanor S. Bautista also joined the meeting.
Since its founding in 2000, the Hyundai Motor Group, through its 57 affiliates, has pursued business interests in logistics, automobile and parts production, steel, IT, finance, heavy machinery, engineering and construction, and has emerged 5th in the global automotive industry generating total revenues of US$214.1 billion in 2013.
The Hyundai Motor Group is engaged in automotive sales in the Philippines through its local distributors Hyundai Asia Resources Inc. (HARI) and Columbian Autocar Corporation.
In 2013, Hyundai ranked third in terms of automotive sales in the Philippines, accounting for 8.3percent of the country’s market for passenger cars. END