Hyundai Motor Group says 9 trillion won Saemangeum AI Valley plan is on track
In short
Hyundai Motor Group Vice Chairman Jang Jae-hoon said on 29 October that the group is carrying out its planned Saemangeum projects without setbacks. He spoke at a Democratic Party committee meeting in Saemangeum, where he asked for government and National Assembly support. The group announced a plan of about 9 trillion won for the site in February.
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Jang Jae-hoon, vice chairman of Hyundai Motor Group, said on 29 October that the group is carrying out its Saemangeum projects without setbacks. He spoke at the 'Jeonbuk Saemangeum field meeting' held at the Saemangeum Energy Convergence Complex support center. The meeting was organised by the Democratic Party's Mega Growth Special Committee. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
According to the outlets, Jang said: "Since announcing the 9 trillion won Saemangeum investment, we have been carrying out the planned projects without setbacks." He said the group would make Saemangeum a future-industry base of Korea where renewable energy, AI data centers, robots and hydrogen grow together. He added that if government and National Assembly attention and support back the effort, more companies' investment would gather in Saemangeum, leading to new jobs and an industrial ecosystem. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
Attendees included Democratic Party leader Kim Min-seok, committee senior vice chair Lee Kwang-jae, Jeonbuk governor Lee Won-taek and Saemangeum Development Agency head Moon Seong-yo. Newsis and Electronic Times also list standing vice chair Kwon Chil-seung. Lee Han-woo, CEO of Hyundai Engineering & Construction, attended with Jang for the group. Korea Economic Daily and Bloter say the committee was launched on 31 August and discusses support for semiconductors, AI data centers, physical AI and balanced national development. [ 1 , 2 , 3 , 4 , 6 , 7 ]
The group announced the plan in February for a site of 1.124 million square metres, or about 340,000 pyeong. Planned spending is 5.8 trillion won for an AI data center, 400 billion won for a robot manufacturing and parts cluster, 1 trillion won for a water electrolysis plant, 1.3 trillion won for solar power facilities and 400 billion won for an AI hydrogen city. Bloter says Jang also presented the plan at an investment agreement ceremony on 27 February. [ 1 , 3 , 5 , 6 , 7 ]
Since then, the group has set up a dedicated organisation and reorganised its AI, robot and hydrogen work. It has joined the government-led Saemangeum-Jeonbuk innovation task force, where it discusses permits, policy support and infrastructure. In September it set up a special purpose company for solar power to supply large-scale energy. Newsis says the AI data center, robot manufacturing facility and electrolysis plant are also being pursued. [ 1 , 3 , 4 , 5 , 6 , 7 ]
On talent, the group is discussing a contract department with Jeonbuk National University and changes to vocational high school programmes with the Jeonbuk education office. Korea Economic Daily says the contract department has been set up, while the other outlets describe it as under discussion. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
Bloter says the Saemangeum investment is about 81% of Hyundai Motor's annual capital spending last year of roughly 11 trillion won. It also says the AI data center is linked to the group's work on autonomous driving and physical AI. [ 3 ]
Why it matters
The outlets describe the Saemangeum AI Valley as a large investment that combines renewable energy, AI data centers, robots and hydrogen. Jang said continued government and parliamentary support could draw more company investment to the area.
Key facts
- Jang Jae-hoon (장재훈), vice chairman of Hyundai Motor Group, attended the 'Jeonbuk Saemangeum field meeting' on 29 October, organised by the Democratic Party's Mega Growth Special Committee. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
- Jang said the group has been carrying out its planned projects without setbacks since announcing its 9 trillion won Saemangeum investment. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
- The plan announced in February covers a site of 1.124 million square metres (about 340,000 pyeong). [ 1 , 3 , 4 , 6 , 7 ]
- The planned spending is 5.8 trillion won for an AI data center, 400 billion won for a robot manufacturing and parts cluster, 1 trillion won for a water electrolysis plant, 1.3 trillion won for solar power facilities and 400 billion won for an AI hydrogen city. [ 1 , 3 , 5 , 6 , 7 ]
- In September the group set up a special purpose company (SPC) for solar power to supply large-scale energy. [ 1 , 3 , 4 , 5 , 6 , 7 ]
- Jang said that with government and National Assembly support, more companies' investment would gather in Saemangeum. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
Confirmed by several sources
- Hyundai Motor Group announced in February a plan to invest about 9 trillion won in Saemangeum, with spending split across an AI data center, a robot cluster, an electrolysis plant, solar facilities and an AI hydrogen city. [ 1 , 3 , 5 , 6 , 7 ]
- Jang said the group is carrying out the planned projects without setbacks and wants to make Saemangeum a future-industry base where renewable energy, AI data centers, robots and hydrogen grow together. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
- The group set up a solar special purpose company in September, created a dedicated organisation and joined the government-led Saemangeum-Jeonbuk innovation task force. [ 1 , 3 , 4 , 5 , 6 , 7 ]
- The group is in talks with Jeonbuk National University and the Jeonbuk education office on talent training, including a contract department and changes to vocational high school programmes. [ 1 , 3 , 4 , 5 , 6 , 7 ]
Still unclear
- Whether the contract department at Jeonbuk National University has been set up. Korea Economic Daily says it was installed, while the other outlets say it is still under discussion.
- How the Saemangeum investment compares with Hyundai Motor's annual capital spending. Only Bloter gives the comparison, saying it is about 81% of the roughly 11 trillion won Hyundai Motor spent last year.
- Whether Jang asked the government for policy support. Electronic Times and Bloter say he requested support, while Newsis says only that support tasks were discussed; the quoted remark is conditional on support.