On Tuesday, Industry Minister Bang Moo-kyu visited a factory of Hyundai Motor Co. and declared the government’s commitment to supporting the electric vehicle (EV) sector in order to bolster the nation’s exports and economic growth. The minister was accompanied by a delegation from the Ministry of Trade, Industry and Energy, the Korea Trade Investment Promotion Agency, and other relevant organizations.
At the meeting, Bang and Hyundai representatives discussed strategies to expand the carmaker’s presence in ASEAN and other emerging markets. The government plans to invest around 2 trillion won in research and development projects over the next five years to back domestic carmakers’ transition to future mobility and to acquire advanced technologies. Additionally, the government will increase trade financing and other supportive measures for automotive part manufacturers.
“The eco-friendly car market is expected to grow further in line with the global net-zero initiative,” Bang said. “The government will strengthen supportive measures to promote the EV sector as our new export growth engine.”
South Korea’s car exports have grown significantly over the past 14 months through August, mainly due to the global demand for EVs and other eco-friendly cars. In the first eight months of 2023, auto exports rose 39.5 percent year-on-year to $46.85 billion, despite the overall exports decreasing due to a global economic slowdown.
This file photo, provided by Hyundai Motor Co. on April 13, 2023, shows its all-new KONA Electric subcompact SUV. (Yonhap)
The government is working to facilitate the expansion of the EV sector as a new export growth engine, and is providing support to increase exports.