S. Korea wealth fund signs co-investment pact with Hyundai

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Korea Investment Corp., the $183.1 billion, Seoul-based sovereign wealth fund, has signed a 1 trillion won ($885 million) co-investment agreement with local conglomerate Hyundai Heavy Industries.

KIC and Hyundai will jointly invest in new technologies — including “ship autopilot, fuel cell and energy systems, AI and robotics, and digital health care” — with the aim of strengthening “national competitiveness” in technologies of the future, a KIC news release said Wednesday.

Co-investments may include mergers and acquisitions of promising startups, where Hyundai Heavy’s record of innovation will bolster KIC’s research and investment capabilities, Heenam Choi, KIC’s CEO, said in the release.

KIC “will continue to explore opportunities for co-investment and cooperation with local companies and financial institutions to help theme expand (their) presence in global markets,” the release added.

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