Hyosung Chairman Cho Hyun-joon met with Mexican President Andres Manuel Lopez Obrador at the presidential palace in Mexico City on Nov. 6 to discuss business cooperation projects, including the "Rural ATM Project," a key welfare policy for the Mexican government.
The meeting came after Hyosung TNS, an IT unit of Hyosung Group, recently won an order for a total of 8,000 ATMs (worth 203 billion won) under Cho's leadership for the large-scale welfare policy called "Rural ATM Project."
Cho expressed his gratitude to President Obrador for giving him a chance to participate in the massive project, and expressed his aspiration to actively participate in power infrastructure projects and renewable energy projects such as solar power to contribute to the development of the Mexican economy as well as improve the quality of life of Mexicans.
"I was deeply impressed by the Mexican government's policy and philosophy focused on the life of ordinary people led by President Obrador," Cho said. "This Rural ATM project will be an important opportunity for Hyosung Group to practice its corporate social responsibility beyond the business dimension to generate profits."
Cho also vowed to do his best to improve the quality of life for the poor and contribute to strengthening Mexico's welfare delivery system by completing the project without disruptions so that ordinary Mexican people can use ATMs without inconvenience.
"As Hyosung has global technology at the heart of the project, we can work closely together to ensure the success of the project," Obrador said. "We look forward to seeing each other once again after completing the project successfully."
Meanwhile, the Rural ATM Project is Cho's initiative from the initial stage of the project in early 2018, and he has succeeded in winning the order by expanding his operating capacity against the Mexican government.
Hyosung TNS will supply 8,000 ATMs by the end of 2020 and increase its ATM market share in Mexico from the current 2 percent to 15 percent, gaining a firm foothold in the market. Hyosung TNS has the highest ATM market share of 46% (based on annual sales in 2019) in the U.S.