As part of Hyundai Motor Group’s efforts to expand its presence in Southeast Asia, the Hyundai Motor Group’s logistics division, Hyundai Glovis, announced on Wednesday that it is entering the Malaysian logistics market in a strategic partnership with the local logistic giant Lion Group. This partnership will see Hyundai Glovis enter the Malaysian logistics market.
The two parties came to an agreement and signed a memorandum of understanding, which stipulates that the Korean company would use its intelligent logistic solutions to improve the overall efficiency of Lion’s logistics operations.
Lion Group is one of the greatest conglomerates in Asia. The company’s commercial operations encompass a variety of industries, including retail, property development, mining, steel, agricultural, and service sectors. Lion Group was established in 1930. Additionally, the business owns Parkson Department Store, which has 82 locations across six different countries.
According to Hyundai Glovis, its integrated logistics management system, which enables customers to save money on logistical expenses via data analysis, will also be used to Lion’s online retail operation (e-commerce).
The two companies have come to an agreement to begin working together first on steel business, with Hyundai Glovis beginning talks at the beginning of the next year.
By forming this cooperation, the two parties want to work together to expand their operations into other ASEAN member states, capitalizing on Malaysia’s long-standing role as a center of marine commerce and logistics to take advantage of Malaysia’s advantageous geographic location.
In recent years, Hyundai Glovis has made significant headway in its efforts to expand its commercial operations in Southeast Asia. A local branch of the corporation was created in Thailand earlier this year, after the establishment of a branch in Vietnam in 2019.