Hyundai Motor Group opened a five-story research and development center named after its chairman, Chung Mong-koo, within the Seoul campus of Hanyang University on Friday.

“The Chung Mong-koo Automotive Research Center will focus on cultivating talent for the green and smart car sectors,’’ the automaker said in a statement. 

On the sidelines of the opening ceremony, Chung received an honorary doctorate in engineering from the university for his achievements in management and the automotive engineering sector, the company said.

Hanyang University is the college from which Chung attained his bachelor’s degree with a major in industrial engineering in 1967.

The degree was offered to the 77-year-old business guru for his achievements in advancing the group to become the world’s fifth- largest automaker. The second son of Hyundai Group founder Chung Ju-yung took the helm of the automotive group in 2003.

“Chairman Chung has initiated new innovative business models, created from constant conversions between the engineering and management sectors, which affect not only auto, but also other industries at home and abroad,’’ Hanyang University President Lee Young-moo said.

“He achieved optimized efficiency in car production by introducing a module-based assemby system, while establishing standardization in processes for car plant construction overseas, which is essential to build world-class production lines on time,” Lee said.

Hyundai Motor Group’s vertical integration for the car business, ranging from steel to car parts to logistics, was achieved under Chung’s leadership.

In response to the degree offer, the Hyundai Motor Group chief pledged to pay more attention to the development of young human capital for the future of the nation and the auto industry.

By Seo Jee-yeon (jyseo@heraldcorp.com)