Hyundai Motor says it will invest 23 trillion won in new business areas and hire 45-thousand people over the next five years. 

Chung Eui-sun, vice chairman of the South Korean automaker announced on Wednesday a plan designed to help the government’s job creation and innovative growth initiatives.

During a meeting with Finance Minister Kim Dong-yeon at the company's research institute in Gyeonggi Province, Chung said jobs can be created in new areas such as software coding, refuting the general idea that automation will kill jobs.

He vowed Hyundai will work hard to create a virtuous cycle where jobs it creates in new business fields will result in related development and the establishment of new subcontractors, which then will create more jobs by investing in new technologies. 

Minister Kim in response said the government will spare no effort to support large-sized firms that invest in new industries, including easing restrictions, and called them another important axis for innovative growth along with small- and mid-sized enterprises.