Newly Appointed Minister Pledges to Boost EV Sector, Kickstart Export Surge

During the recent visit to Hyundai Motor Co.’s factory, Newly appointed Industry Minister Bang Moo-kyu pledged to provide extended support for the burgeoning EV industry. The Ministry of Trade, Industry and Energy (MOTIE) initiated the launch ceremony of an export site visitation team at Hyundai Motor’s Asan plant on the 26th of this month. 

“The eco-friendly car market is expected to grow further in line with the global net-zero initiative,” Bang said. 

The event was graced by the presence of MOTIE Minister Visbyeong-kyu, Yoo Jung-yeol, President of the Korea Trade-Investment Promotion Agency (KOTRA), Jeon Yoon-jong, President of the Korea Institute of Industrial Technology (KEIT), and Lee Dong-seok, CEO of Hyundai Motor Company. 

Minister Bang Moo-kyu, who assumed office just last week, has launched a government delegation to engage with exporters and assist in addressing their concerns. This delegation’s inaugural visit was directed to Hyundai’s facility in the western city of Asan, a move endorsed by the Ministry of Trade, Industry and Energy. 

The delegation comprises representatives from the Korea Trade Investment Promotion Agency (KOTRA) and other organizations.

During their recent meeting at Hyundai’s Asan plant, Minister Bang and company officials delved into strategies for the automaker’s presence in ASEAN and other emerging markets. 

The Export Site Visitation Team is a comprehensive initiative led by the Ministry of Trade, Industry and Energy (MOTIE) to help direct communication between the government and large and medium-sized enterprises, small and medium-sized businesses, and various industry associations and organizations. 

Over the next half-decade, an investment of approximately 2 trillion won will be allocated to research and development initiatives. The funds will facilitate the transition of domestic automakers towards future mobility solutions and help their technological capabilities. 

Moreover, the government intends to enhance trade financing options and implement other supportive measures tailored to automotive component manufacturers to boost the industry’s resilience and competitiveness further.

During their recent discussions at Hyundai’s Asan facility, Minister Bang Moo-kyu and Hyundai officials contemplated strategies to amplify the automaker’s presence in ASEAN and other emerging markets. 

Propelled by an increased focus on electric vehicle (EV) products, this expansion drive will underpin South Korea’s official development assistance (ODA) programs. The government’s multifaceted approach encompasses financial backing, research and development investment, and export assistance. 

The recently formed Export Site Visitation Team was founded under the resonating initials of Minister Visiting Gyu’s name. It reflects the minister’s engagement with companies and their export-related challenges. Starting with the automotive sector, the team’s itinerary will span diverse industries, such as secondary batteries and organic light-emitting diodes (OLEDs). 

Additionally, it will encompass visits to small and medium-sized enterprises with export potential, all aimed at facilitating the resolution and management of export difficulties in these sectors.

“The government will strengthen supportive measures to promote the EV sector as our new export growth engine,” Bang stated during his speech at the event. 

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