Hyundai Motor Group signs deal to pursue business opportunities in Kazakhstan's Alatau City new town project

Hyundai Motor Group announced Thursday that it will partner with local companies to identify business opportunities in Alatau City, Kazakhstan's largest new town development project.

The group signed agreements with Kazakh private investment firm Caspian Group and financial and investment company United Group Alatau on Wednesday at the inaugural Korea-Central Asia Business Summit to advance the Alatau City project.

The signing ceremony was attended by Seo Gang-hyeon, president of Hyundai Motor Group's planning and coordination division; Choi Yu-ri, chairman of Caspian Group; and Vyacheslav Kim, chairman of United Group Alatau, who also serves as board chairman of financial firms Alatau City Bank and Kaspi Group.

The Alatau City project is Kazakhstan's largest new town development, covering 880 square kilometers north of Almaty, the country's largest city. It has been designated a special economic zone and declared a national project by presidential decree.

Caspian Group is leading urban development and local execution for the project, which is being carried out in combination with United Group Alatau's financial and digital ecosystem.

Through the agreement, Hyundai Motor Group aims to establish Kazakhstan as a hub for physical AI-based future city projects in Central Asia, and will work with local partners to explore smart city business opportunities in Alatau City and verify their commercial viability.

The group plans to first examine business opportunities tied to urban development and operations in Alatau City's gateway zone — a key area linking Alatau City and Almaty. It will also conduct a comprehensive review of potential cooperation in mobility and energy and digital sectors, with feasibility studies to gradually define the specific scope and terms of participation.

"Kazakhstan is an important market where Hyundai Motor Group has built a long-standing business foundation, and through this partnership we will seek new business opportunities grounded in the actual needs of customers and the city," a Hyundai Motor Group official said. "We will work to make Alatau City a model for demonstrating future urban services and new mobility business models, after thorough verification of commercial viability."

Hyundai Motor also provided official protocol vehicles for delegations attending the Korea-Central Asia Summit, held Wednesday. The inaugural Korea-Central Asia Summit was the only multilateral summit held in South Korea this year, bringing together the leaders of South Korea and five Central Asian nations to discuss cooperation across a range of areas including the economy, diplomacy and trade.