In a meeting with Lula, Hyundai’s global CEO announced new investments of US$ 1.1 billion in Brazil

This Thursday morning (22/2), President Luiz Inácio Lula da Silva met with the global CEO of the Hyundai Group, Eui-sun Chung, at the Palácio do Planalto. The meeting included the Vice President of the Republic and Minister of Development, Industry, Commerce and Services, Geraldo Alckmin, as well as the Chief of Staff, Rui Costa.

A stable and promising country attracts additional investments. It is another significant company growing in our nation

Brazil's President Luiz Inácio Lula da Silva

» High-resolution photos (Flickr)

The Vice-President began the meeting with a presentation to the Hyundai executives about the recent developments of Brazil's industrial and energy policies and the priority given to reindustrialization and decarbonization.

Following that, the Hyundai CEO discussed the company's investment policy, emphasizing plans to invest over $1.1 billion in Brazil until 2032. These investments will be centered around technology, particularly in the development of hybrid, electric, and green hydrogen-powered vehicles, aligning with the Brazilian government's green mobility program, MOVER. He highlighted the creation of over 6,500 direct jobs and an investment stock in Brazil amounting to around $2.5 billion. Additionally, he noted that Hyundai has become the third-largest automaker globally by volume, and that Brazil is home to the company's first factory in the Southern Hemisphere, located in Piracicaba (SP).

President Lula emphasized the approval of the tax reform, the enhancement of the investment environment in Brazil, and the role of the automotive industry in the reindustrialization policy. "A stable and promising country attracts additional investments. It is another significant company growing in our nation," the president posted on his X profile (formerly Twitter) after the event.

During the meeting, Lula also discussed the prospects of the energy transition, a priority even for the oil and gas sector in Brazil, emphasizing the country's leadership in renewable energies. He underscored the priority given to education and mentioned the "Pé de Meia" program [an idiomatic expression equivalent to “Nest Egg” in English], providing financial assistance to students with the aim of combating school dropout rates and improving educational indicators in the country.

In addition to the priority given to sustainability and energy transition, Minister Rui Costa also highlighted Brazil's interest in increasing the production of trucks and commercial vehicles and in developing the railway sector. He detailed that energy production in Brazil has significantly increased, with the country now producing twice the amount of energy it consumes. He emphasized that the development of renewable energies is a fundamental part of this expansion.

CONVERGENCE - Chung highlighted the alignment of Hyundai's priorities with those of the Brazilian government, particularly in the areas of energy transition and education. In this regard, he emphasized the company's investments in social responsibility programs focusing on dental care and reforestation in the areas where it operates. Additionally, he said, Hyundai is committed to providing basic and technical training for personnel and sharing technologies in line with these priorities. He also expressed best wishes for Brazil in the G20 presidency.

President Lula stated his interest in holding a high-level bilateral meeting between Brazil and South Korea during the G20, and commented on the guidelines set by the Brazilian presidency of the group, including global governance reform, social inclusion, and the agenda for sustainability and climate change. He emphasized the country's interest in the multilateral discussion on the impact of modern technologies, such as artificial intelligence.