South Korea’s newly appointed Industry Minister Bang Moo-kyu visited Hyundai Motor Co.’s factory in Asan on Tuesday and declared his commitment to promote the electric vehicle (EV) sector in order to increase exports and stimulate economic growth.
The Ministry of Trade, Industry and Energy organized a government delegation, which included the Korea Trade Investment Promotion Agency and other related organizations, to communicate with exporters and address their issues. The Hyundai factory was the first stop of the delegation.
At the meeting, Minister Bang and Hyundai officials discussed how to expand Hyundai’s presence in ASEAN and other emerging markets through the South Korean government’s official development assistance (ODA) programs, utilizing EVs.
The government intends to invest around 2 trillion won in research and development projects over the next five years to support domestic automakers’ transition to future mobility and to obtain advanced technologies. It also plans to 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.”
Over the past 14 months, car exports from South Korea have seen double-digit year-on-year growth due to the strong global demand for EVs and other eco-friendly cars. From January to August of 2023, auto exports rose 39.5 percent year-on-year to $46.85 billion, despite the overall exports decreasing due to the global economic slowdown.
The delegation will continue to visit major companies in the battery, display, and other industries, as well as small businesses, to support their activities at home and abroad in an effort to bolster exports, according to the ministry.