Trade, Industry and Energy Minister Lee Chang-yang chaired the Automobile Parts Industry Strategy Roundtable on May 23 at the Four Seasons Hotel Seoul and announced support measures for future car transition and exports, as follow-up to President Yoon Suk-yeol’s recent call for measures to strengthen Korea’s automobile parts industry competitiveness to enable timely response to the future car transition and the paradigm shift to electrification, intellectualization and autonomous driving.

Support measures for the parts industry consist of key tasks that aim to quickly and flexibly usher in the transition of the domestic automobile ecosystem, including the fivefold expansion of domestic EV production by 2030, securing of core technology, training up of professional workforce, and increasing the export of car parts to the two major markets (U.S., EU) and three most promising markets (Middle East, China & Japan, ASEAN).

It is anticipated that these measures will drive this year’s automobile industry’s total export value over USD 80 billion and bring about the innovation of other cutting-edge industries like system semiconductors, large-scale displays, carbon composite, bio health and software.

Prior to the Roundtable, a memorandum of understanding (MOU) was signed by the Korea Auto Industries Corp. Association (KAICA) and seven other industry associations agreeing to make joint efforts in strengthening the competitiveness of auto parts makers and responding to future car transition.

In addition, five domestic finished car makers (Hyundai Motor, Kia Motors, GM Korea, Renault Korea, KG Mobility) made a joint declaration to strengthen win-win partnerships with parts makers by helping to secure liquidity and engaging in joint technology development.