Hyundai Motor aims to develop India into a ‘strategic export hub’

IANS File Photo

Seoul, (IANS): The head of South Korea's automotive giant Hyundai Motor Group has visited three key overseas markets -- China, the United States and India -- at the start of the new year as part of the group's global expansion strategy, the company said on Wednesday.

Executive Chair Euisun Chung's visits were aimed at exploring business opportunities in major economies that are expected to underpin the group's future growth, while also seeking partnerships with leading global companies, the group said in a press release.

During his visit to India, Chung toured three production facilities -- Hyundai Motor's Chennai and Pune plants and Kia's Anantapur plant -- to review production operations and sales strategies.

Hyundai Motor Group ranks second in the Indian automotive market with a market share of about 20 percent. The three plants have a combined annual output capacity of 1.5 million vehicles.

The group aims to develop India into a "strategic export hub" following the listing of Hyundai Motor India on the Indian stock market in 2024 in what was the largest initial public offering (IPO) in the country's history.

"Hyundai has been able to grow over the past three decades thanks to the support of the Indian people," Chung was quoted as saying. "We must pursue a home-brand strategy for the next 30 years so that Hyundai can become a truly national company in India."

During his 10-day trip through Tuesday, Chung attended the Korea-China Business Forum held in conjunction with President Lee Jae Myung's state visit to China, and the world's largest IT and electronics exhibition, CES 2026, in Las Vegas, and toured the group's production facilities in India, reports Yonhap news agency.

In Beijing, Chung exchanged views with Zeng Yuqun, chairman of Contemporary Amperex Technology Co. (CATL), the world's largest battery maker, on cooperation in the electric vehicle (EV) battery sector. He also met with Hou Qijun, chairman of China Petroleum & Chemical Corp. (Sinopec), to discuss potential collaboration in hydrogen-related businesses.

To boost sales in China, Hyundai Motor Co. launched its first China-dedicated EV model, the Elexio, in October and plans to expand its EV lineup in the world's largest automobile market to six models by 2030. Its smaller affiliate, Kia Corp., plans to strengthen its Chinese EV lineup by introducing at least one new model each year through 2027, following the launch of the EV6 in 2023.

At CES 2026, Chung held meetings with executives from global big-tech companies, including Nvidia Corp. CEO Jensen Huang and Qualcomm Inc. Chief Operating Officer (COO) Akash Palkhiwala.The group unveiled its artificial intelligence (AI) and robotics strategy at the exhibition, with the presentation of Atlas, a humanoid robot developed by its U.S. subsidiary Boston Dynamics, drawing significant attention. Hyundai Motor aims to develop India into a ‘strategic export hub’ | MorungExpress | morungexpress.com

Read More........ → February 18, 2026

World Bank says SL recovery remarkable, among fastest worldwide

 

• Latest World Bank public finances diagnostic says SL made remarkable recovery
• Stabilisation sharper and faster than 123 countries since 1980
• Says Sri Lanka can move to a more balanced fiscal policy
• Points to fiscal space to grow revenue to support growth, equity and fairness
• Challenge is to get better results from every rupee collected and spent

The World Bank yesterday said Sri Lanka has made remarkable strides in stabilising its economy, undertaking one of the largest fiscal adjustments in its history, equal to nearly 8% of GDP over three years, and doing it faster than most countries.

In a statement announcing the release of its latest diagnostic title ‘Sri Lanka Public Finance Review: Towards a Balanced Fiscal Adjustment’, the World Bank said that this adjustment was also sharper and faster by international standards when compared with more than 330 similar efforts in 123 countries worldwide since 1980.

The review, a core World Bank diagnostic conducted every five years in member countries, concludes that Sri Lanka is well-positioned to focus on making public finances work better for all Sri Lankans.

“While fiscal measures helped restore stability, they also put pressure on households through higher indirect taxes and reduced real public-sector wages, and slowed growth due to lower public investment,” the statement said. “The next phase of fiscal calibration should prioritise raising revenues in ways that support growth and fairness, and improve the quality of government spending.”

The diagnostic review highlights that Sri Lanka could increase revenue by up to 2% by 2029 without undermining growth or equity. It also points out that better targeting and management of public spending can deliver improved outcomes within current budget limits.

The review recommends raising revenue more fairly and efficiently by shifting toward direct taxes, such as a minimum corporate income tax, and digitising tax administration to make paying taxes easier and more transparent.

It also recommends spending smarter, not more or less. The report stresses that it is not feasible to further cut or increase overall spending, but the best gains will come from using existing funds more efficiently to get better results.

This includes improving public sector wage management by protecting essential frontline services, simplifying pay structures, and modernising systems through which public sector workers are paid. It also entails reprioritising capital investments to close infrastructure gaps, completing ongoing projects faster, and strengthening project selection, management and maintenance.

Enhancing social protection by better targeting assistance, expanding the social registry, and moving from universal subsidies to more focused support for those who need it most, is another priority.

“Now that Sri Lanka has largely stabilised its economy, the challenge is to get better results from every rupee collected and spent,” said World Bank Division Director for Maldives, Nepal and Sri Lanka David Sislen. “This means modernising tax administration, focusing on direct taxes, and making sure public spending is both efficient and fair, especially for the most vulnerable,” he added. World Bank says SL recovery remarkable, among fastest worldwide | Daily FT

Read More........ → February 17, 2026