Hyundai Motor Chung Mong-koo Foundation has revamped its scholarship program to foster 1,100 talents in the next five years, the foundation said Wednesday.

Renamed Hyundai Motor Chung Mong-koo Scholarship, the scholarships will support talented people in five different categories: global, future industry, international cooperation, social innovation, and art and culture.

The foundation seeks to provide the recipients not only with financial support, but with education opportunities to groom them into true global leaders, the foundation said. Set up in 2007, the foundation aims to support and train future leaders to reflect the belief of Hyundai Motor Group’s honorary chairman, Chung Mong-koo.

For the global category, the foundation seeks to select recipients in master’s and doctorate programs from eight countries of the Association of Southeast Asian Nations, including Indonesia and Vietnam.

The four other categories will support those specializing in science and technology, students who want to work in international organizations, entrepreneurs and social ventures, and teens and university students who major in classical music, gukak (Korean traditional music) and dance.

Outstanding performers will receive a “growth support package” intended to provide consistent support, it added. Fellowship programs and activities, such as an alumni association will also be launched, the foundation said.

“Talent fostering is more important than ever in this era of the fourth industrial revolution, where things are changing fast. Having a future generation leader who can lead on change and innovation for a sustainable society has become the key factor to being competitive,” said foundation Chairman Kwon Oh-kyu.

“The foundation will strengthen its position as a representative public trust to lead talent training in the country.”