Choi Young (right), head of the new energy division of Hyundai E&C, and Joe Szakacs, South Australian Minister of Trade and Investment pose for a photo during a memorandum of understanding signing ceremony in Seoul on Monday. (Hyundai E&C)

Hyundai Engineering & Construction said Tuesday that it has signed a memorandum of understanding with the government of South Australia at the company's headquarters in Jongno-gu, central Seoul.

Hyundai E&C and the South Australian government will jointly carry out projects related to renewable energy, infrastructure and housing development. The agreement comes as South Australian government officials and company leaders visited Korea to promote cooperation on infrastructure for net-zero emissions.

Last year, South Australia met 74 percent of its electricity demand with new and renewable energy sources. Now the state aims to achieve net-zero emissions by 2027 and be fully powered by green energy by 2030.

To support this plan, the government has introduced a bill to streamline regulatory processes for hydrogen projects and will invest A$21 billion ($14 billion) in eco-friendly energy initiatives.

Hyundai plans to collaborate on next-generation energy projects, including electrical grids, hydrogen, solar and offshore wind power. With South Australia’s population growing rapidly, the company will also contribute to housing and infrastructure projects.

Hyundai established a Sydney branch in April and has tried to expand its foothold in the Australian market, as global investment in green energy projects increases in line with the Net Zero Emissions by 2050 Scenario.

“Our strength lies in a robust network, financial sustainability and unparalleled expertise in engineering, procurement and construction. We hope this partnership will lead to mutual growth and the expansion of energy infrastructure in Australia,” said a Hyundai E&C official.