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Hyundai Glovis has joined forces with the Lions Group to enter the flourishing logistics market in Malaysia. This is a strategic partnership that will help the South Korean logistics company expand its business in Southeast Asia.
As per The Korea Times, Hyundai Glovis is planning to bolster its presence in the Association of South East Asian Nations (ASEAN) territory thus, it has signed a memorandum of understanding (MOU) with the Malaysian logistics firm.
The signing ceremony was held at Hyundai Glovis' HQ in Seongdong, Seoul, on Tuesday, Nov. 15. Serena Cheng, the executive director of the Lion Group and managing director of Hyundai Glovis' smart innovation business unit, Park Man Soo, signed the MOU as representatives of the companies.
The Seoul headquartered company said that through the agreement, it would seek cooperation in smart logistics solution and global business. Moreover, Lion Group is also looking to raise the efficiency of its logistics operations through this collaboration.
The Malaysian conglomerate has successfully broadened its business scope and has gone beyond logistics. It now operates a wide range of businesses that include real estate development, distribution, steel, and agriculture. Its annual sales in 2021 reached $3 billion or around KRW3.97 trillion.
Lion Group is operating in over 10 countries worldwide and has businesses in the United States, China, and other Southeast Asian nations. With its broad market reach, the MOU is definitely beneficial to Hyundai Glovis.
In any case, the two sides agreed to start their collaboration in the steel business, with Hyundai Glovis carrying out logistics consultations in early 2023, The Korea Herald reported. Later on, Hyundai will introduce smart logistics solutions to distribution areas where Lion Group is operating.
"We will use this project as an important opportunity to strengthen global competitiveness in Malaysia, the logistics hub of Southeast Asia," an official at Hyundai Glovis said in a statement. "We will also actively seek ways to create synergy with nearby ASEAN countries such as Vietnam and Thailand, where Hyundai Glovis already operates."
