SEOUL, South Korea & MEXICO CITY--(BUSINESS WIRE)--Chairman Cho Hyun-joon of Hyosung Group had a meeting with President Andres Manuel Lopez Obrador of Mexico on November 6, 2019 at the Presidential Palace in Mexico City to discuss ways of cooperation between the two parties, including the ‘Rural ATM Project’, a part of core welfare policy of the Mexican government.
The meeting was arranged in the wake of receiving a recent order, at the initiative of Chairman Cho Hyun-joon, for full supply of 8,000 units of ATMs (in value of KRW203 billion) needed for the ‘Rural ATM Project’, a part of large scale welfare policy, by Hyosung TNS, an IT subsidiary of Hyosung Group (KRX:004800).
Chairman Cho Hyun-joon says “We will contribute to improving welfare and enhancing quality of life of Mexican people”.
At the meeting, Chairman Cho Hyun-joon extended gratitude to President Lopez Obrador for allowing a chance of participating in the large scale project, and expressed his aspiration for contributing to enhancing quality of life of Mexican people as well as to economic development by actively taking part in power infrastructure projects and renewable energy industry including solar photovoltaic segment.
“I am deeply impressed by the policy and philosophy of the Mexican government under the leadership of President Lopez Obrador that places priority on the life of low-income people. The Rural ATM Project will provide Hyosung Group with a significant opportunity of fulfilling its corporate social responsibility, beyond business activities for generating revenue”, stressed Chairman Cho. “We are committed to enhancing quality of life of low-income groups and contributing to reinforcing welfare delivery system by successfully fulfilling the project, allowing ordinary people of Mexico to conveniently use ATMs.”
Explaining importance of the Rural ATM Project by himself, President Lopez Obrador responded, “Given that Hyosung has world-level expertise in ATMs, a core part of the Project, our close cooperation will lead to success of the Project.” “I look forward to meeting you again after successfully completing the Project,” added the President.
Hyosung TNS received an order for supplying all of 8,000 ATMs for the ‘Rural ATM Project’ in Mexico.
Being the 15th economic power in the world in terms of GDP, 20 million people of Mexico who represent 17% of its total population of 120 million are receiving welfare subsidies from the government. But regions where financial service is not available account for 75% of the entire country.
As government subsidies are frequently failed to be properly delivered to vulnerable groups due to such situation, the Mexican government has been implementing the ‘Rural ATM Project’ that issues welfare cards to beneficiaries, allowing them to withdraw cash from ATMs.
Chairman Cho led this project from the early stage in 2018 and succeeded in winning the order by expanding its sales force to the Mexican government. With an order for supplying 8,000 ATMs for the project by the end of 2020, Hyosung TNS will increase its market share in Mexico from the current 2% to 15%, solidifying its position in the market. In the United States, Hyosung TNS ranks first, representing 46% of ATM market (based on annual sales in 2019).
Discussions were also made on subjects of cooperating for power and renewable energy infrastructure projects.
After the meeting with President Lopez Obrador, Chairman Cho visited a welfare center in Mexico City, which is providing pilot service, to examine Hyosung TNS’s ATMs and listen to opinions on service from users of the welfare center.
And, Chairman Cho had meetings with key cabinet members of President Lopez Obrador’s government and asked them to afford chances of taking part in power infrastructure projects in Mexico, which is increasing investments in oil and gas industry as well as combined cycle thermal power generation facilities, based on Hyosung’s technologies and knowhow in power and renewable energy industries in the country.
Further, he expressed his vision for growth of its business in the country through continued improvement of quality while introducing its two airbag manufacturing operations -fabric production and sewing facilities- in the country.
Chairman Cho continues to discuss ways of cooperation with global top leaders, including those of India, Vietnam and China.
Since his inauguration in 2017, Chairman Cho Hyun-joon has been actively engaged in global management activities, such as meeting with top leaders of several countries. After meeting Prime Minister Narendra Modi of India in 2018 to discuss various subjects of cooperation, he had meetings with top leaders of other major business partner countries, including Prime Minister Nguyen Xuan Phuc of Vietnam, Governor Yuan Jia Jin of Zheijiang Province, China, Deputy Prime Minister Vuong Dinh Hue of Vietnam, and CEO Amin H. Nasser of Saudi Aramco.
In addition, Chairman Cho is examining trends in world textile industry by participating in a variety of every global exhibition. To listen to voices of global customers, he took part in the Interfiliere Paris 2019, the world’s largest exhibition of lingeries and swimming suits held in Paris, and Preview in Shanghai exhibition being held in China, the largest textile market.