Hyundai and Kia will provide more than US$400m to support its supplier base this year. The pledge was made at a ceremony attended by almost 1600 suppliers; the annual ceremony marks the Hyundai Group and its suppliers commitment to engage in fair trade practices.

Under its new commitment, the group will create a 100bn won ($89.6m) development fund for its suppliers along with an additional 104.6bn won to its existing 69bn won emergency fund for its suppliers.

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The group will also provide 250bn won to help finance research and development projects of its suppliers, the group said.

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