A Memorandum of Understanding (MoU) between the South Australian Government and Hyundai Engineering and Construction (Hyundai E&C) has been signed by South Australia's Trade and Investment Minister Joe Szakacs, at Hyundai E&C's headquarters in Seoul, as part of his first trade mission to Korea and Japan.
This MoU paves the way for significant collaboration between South Australia and one of Korea's industrial giants, in renewables, hydrogen, housing and infrastructure.
Hyundai E&C is one of the world's leading construction and engineering firms, with almost 15,000 employees in 34 countries, and having completed more than 880 projects across 62 countries.
Established in 1947 as the origin of the Hyundai Motor Group, the company has annual revenue of $35 billion and is a major player in civil engineering and infrastructure projects around the world, responsible for the construction of iconic mega-projects like Bosphorus Bridge in Turkey and Panama Metro Line 3.
Minister Szakacs also discussed Hyundai E&C's significant role in Korea's residential construction sector and opportunities to assist with delivery of South Australia's Housing Roadmap.
The MoU establishes a significant partnership helping to facilitate future investment projects and job creation in South Australia. It also solidifies our reputation as a global leader in the transition to net-zero and highlights the appetite of global powerhouses to join with us as we decarbonise industry and the wider economy.
Our state is proud to have more than 70 per cent renewable energy in our system, but we're not stopping there – we've committed to 100 per cent net renewables by 2027 and to reduce net greenhouse gas emissions by at least 50 per cent by 2030.
Hyundai E&C has capabilities in renewables (solar and wind farms), battery energy storage, offshore wind, hydrogen, and transmission and distribution networks.
It also has capabilities in infrastructure for roads and rail tunnels, high speed rail, bridge, maritime and port, and underground space, as well as hospital, data centre, mixed-use development, and residential high-rise housing.
The MoU opens the door for Hyundai E&C – through its strong relationship with Invest SA – to deepen its engagement with South Australian Government agencies to explore additional infrastructure projects, including in the housing sector, in which it is also a world-leader.
As put by Joe Szakacs
This MoU further enhances South Australia's global standing as a leading jurisdiction in the transition to net-zero.
This partnership with Hyundai E&C – a global industry heavyweight – demonstrates that major international players take our state's commitment to decarbonisation seriously, and want to join with us as we pursue these ambitious goals.
The opportunities that will be explored for investment in renewable energy, infrastructure, housing and hydrogen projects in South Australia will create additional jobs and prosperity in our state and encourage South Australian businesses and industry to decarbonise their operations.
We're excited about the opportunities this MoU provides to work more closely with Hyundai E&C, and that it will drive closer engagement with South Korea – a key regional economy.
As put by an official from Hyundai E&C's NewEnergy Division
Our mutual cooperation with the State of South Australia, a world leader in renewable energy, will serve as a catalyst for innovation in Australia's energy infrastructure.
We hope that this partnership will contribute to the revitalization of South Australia's economy and create strong synergies in global public-private partnerships for mutual growth.
