SEOUL, Feb 25 (Bernama) — South Korea aims to export US$30 billion worth of auto parts in 2015, helped by the country’s free trade pacts in the coming years, Yonhap news agency quoted the government as saying Friday.
The Ministry of Knowledge Economy said the amount represents a 58 percent gain from US$18.9 billion worth of parts shipped abroad last year.
Overseas demand for locally made products has gone up thanks to improved quality and brand recognition as South Korean-made cars have made solid inroads into overseas markets, such as the United States and the European Union, the ministry said.
“South Korea has five free trade agreements at present with three others waiting ratification after formal deals were signed,” said Kim Sung-chil, the head of the ministry’s auto and shipbuilding division.
He said there are currently seven other negotiations under way that could greatly expand export markets if agreements can be reached.
But the official said many car parts suppliers remain small and don’t have the necessary technology or marketing know how to individually enter foreign markets.
To overcome such shortcomings, an export promotion plan will be announced in the first half of this year to help smaller manufacturers better compete in the international arena, Kim said.
– BERNAMA
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