Hyundai Motor Co. and its corporate cousin Kia Motors Corp. on Thursday inked an agreement to donate 50 billion won (US$48 million) to promote balanced growth with its partner small and medium enterprises (SMEs).
According to the pact signed in downtown Seoul between commerce minister Yoon Sang-jick, National Commission for Corporate Partnership chief Ahn Choong-yong and Hyundai Motor CEO Chung Jin-haeng, South Korea's two largest carmakers pledged to provide 10 billion won in donations for five years.