Ministry signs MOU with GM to advance Korean auto industry 2018-05-10
Trade, Industry and Energy Minister Paik Ungyu (center) signed a memorandum of understanding (MOU) with General Motors International President Barry Engle (right) to advance the Korean automobile industry in Seoul on May 10.
Under the MOU, GM will establish its Asia-Pacific headquarters in Korea, develop GM Korea to serve as a hub for production, sales, and technological development in Asia, and increase purchases of Korean auto parts as an effort to enhance the competitiveness of the Korean car industry. Moreover, it will participate in developing key components like engines as well as high-tech parts for future automobiles, including electric vehicles.
To help GM fulfill the above goals, the Ministry will make all efforts to adopt necessary policies and procedures.
The signing ceremony was attended by various automobile industry leaders, including GM Korea CEO Kaher Kazem, Korea Automobile Manufacturers Association Chairman Kim Yong-geun, and Korea Auto Industries Coop. Association Chairman Shin Dal-suk.
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