Hyundai Glovis signs MOU with Malaysia’s Lion Group

Industry

Published: 16 Nov. 2022, 16:00

Hyundai Glovis signs MOU with Malaysia’s Lion Group

From left: Tony Oh, chief business development officer at Lion Group, Park Man-soo, leader of Hyundai Glovis’ smart innovation division, Serena Cheng, executive director on Lion Group’s board of directors, and Park Ji-hyun, head of Hyundai Glovis’ global biz development group pose for a photo after signing a memorandum of understanding on Tuesday. [HYUNDAI GLOVIS]

Hyundai Glovis announced Wednesday it signed a memorandum of understanding (MOU) with Malaysia’s Lion Group to tap into the country’s logistics market.

Hyundai Glovis will offer logistics consultations for Lion Group’s businesses, trying to cut costs and suggest new ways to make delivery processes faster and more efficient.

The companies will also work together to carry out logistics orders from other Malaysia-based companies.

Hyundai Glovis will use the MOU to enter nearby markets with the help of Lion Group, aiming to offer its logistics services in other Asean countries. Hyundai Glovis has been trying to branch out into Southeast Asia, establishing a wholly owned subsidiary in Vietnam in 2019 and a joint venture in Thailand in May.

“We will use this as an important opportunity to strengthen our competitiveness in Malaysia, which is known as a logistics hub of Southeast Asia,” said a spokesperson for Hyundai Glovis.

“We will also actively seek ways to create synergy with nearby Asean countries such as Vietnam and Thailand, where Hyundai Glovis is already doing business.”

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]