President Lee Jae-myung told Hyundai Motor Group Chairman Chung Euisun at an investment signing ceremony in Saemangeum, North Jeolla Province on Tuesday that "Founder Chung Ju-yung would be proud" of the $6.4 billion investment commitment.
"Let's give a round of applause in gratitude," Lee said, prompting applause from the audience as Chairman Chung bowed in acknowledgment.
"The government will respond to bold corporate decisions with even bolder support," Lee said. "We will dramatically lower regulatory and administrative barriers so companies can fully demonstrate their capabilities and grow further."
The ceremony showcased a cooperative atmosphere between the government and the private sector. Lee and Chung sat side by side throughout the event, exchanging whispers and handshakes multiple times. They continued their dialogue before and after the ceremony, signaling their commitment to collaboration.
Prior to the signing, the two toured Hyundai Motor Group's exhibition hall. Presidential spokesperson Ahn Gwi-ryeong said in a written briefing that the booth featured a diorama of the AI Hydrogen City planned for Saemangeum, an electrolysis plant producing hydrogen from renewable energy, fuel cell generators converting hydrogen to electricity, and the autonomous wheel robot MobED slated for production in Saemangeum.
Lee showed keen interest in the AI Hydrogen City diorama, asking about hydrogen utilization methods and the efficiency and economics of energy conversion processes. He toured exhibition areas for humanoid robots, autonomous robots, guide robots, and logistics robots, inquiring about development status and commercialization plans while exchanging views with Chung.
Lee also asked specific questions about applications for the MobED, an autonomous wheel robot capable of traversing slopes without restrictions. He mentioned Hyundai Motor Group's recent donation of unmanned firefighting robots to the National Fire Agency, saying he was "grateful for actively supporting frontline efforts to protect citizens' lives and safety with advanced technology."
"This is something we should naturally do as a company," Chung replied. "We will continue to improve and develop the unmanned firefighting robots based on field requirements."
Hyundai Motor Group Vice Chairman Jang Jae-hoon presented the investment plan during the ceremony. Kim Eui-kyeom, head of the Saemangeum Development Agency, cited his background as a journalist to relay Chung's intentions: "When I asked him, he said he wants to develop Saemangeum beyond even Ulsan."
At the ceremony's conclusion, Lee and Chung joined ministers and North Jeolla Governor Kim Kwan-young on stage to sign the investment memorandum of understanding.
Lee continued to reference the Hyundai investment at a town hall meeting at Chonbuk National University later that day.
"There were voices asking whether I would ever come to North Jeolla, but what's the point of just visiting? You need cash—actual cash," Lee said. "We've now been able to objectively demonstrate quite significant results."
He expressed regret that North Jeolla had suffered "triple marginalization"—behind the Seoul metropolitan area, the Yeongnam region, and even within the Honam region itself. "Hyundai Motor has committed to establishing hydrogen production facilities, AI data centers, and other future industries as part of its plan to build an AI robotics production base here," he emphasized, drawing another round of applause.
Lee also addressed Saemangeum development issues, saying, "Perhaps it's time to make realistic adjustments suited to current circumstances."
"What I hate most is false hope—saying 'it'll work out, it'll work out' when the chances of failure are high. Why agonize only to fail in the end?" he said. "Politicians often push through impractical or inefficient projects for political gain, but isn't that a loss for everyone?"