Hyundai, partners discuss ideas for Kepco plot

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Hyundai, partners discuss ideas for Kepco plot

The Korea Electric Power Corporation (Kepco) land in Samseong-dong bought by Hyundai Motor Group last month for 10.5 trillion won ($10 billion) will be developed into a car industry hub.

Since Monday, Hyundai’s affiliate Kia Motors, the country’s second-largest automaker, has been holding a series of conferences with 260 people, including 110 branch managers and overseas dealers, at Coex in Samseong-dong, southern Seoul, to develop the company’s future business vision and sales strategies.

But public attention is on how Hyundai Group will use the land they purchased at such a high price.

Kia and Hyundai have held such conferences every year for 14 years - Kia in even-numbered years and Hyundai in odd - mostly in Europe and North America. But this year, Kia decided to invite its partners to Coex, which isn’t far from the Kepco plot.

Last month, Hyundai announced it will set up a global business center (GBC), the company’s core business-operating body, in the area. The company then said the GBC will be a major part of their marketing in the future. Its first step, it said, would be making their affiliates work together and make the area the companies’ true “control tower,” or nerve center.

“We will share the company’s long-term business vision and management strategies for the future after we introduce the upgraded Sorento SUV and Carnival van to our partners,” a spokesman for Kia Motors said yesterday. “With such activities, our plans for the GBC will be presented to partners as well.”

“We hold more than 500 business promotions overseas a year,” a spokesman for Hyundai Motor said. “We are considering holding such activities in Korea in the future.” The company said about 10,000 people visit the headquarters of Hyundai Group a year, but they expect the GBC will attract more than 100,000 visitors once it’s built.

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