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In order to promote the specialization and enlargement of the automotive industry, the South Korean government decided to support auto parts companies to acquire and merge. The government will not only eliminate the obligation to merge auto parts companies to purchase national residential bonds and urban railway bonds, but will also expand their financial support. At the same time, South Korea will actively attract German, Japanese and world-class auto parts companies to build plants in South Korea, and establish a special auto parts production park in Gyeongsangnam-do.
The government also decided to implement the "Future Automobile Development Plan" from this year. The plan is to invest 1.25 trillion won (1300 won and 1 US dollar) before 2011 to build the basis for the core technologies of automotive components. In order to increase the confidence of auto parts, South Korea will establish a center for improving the reliability of auto parts and conduct certification of 10 types of parts every year.
The Ministry of Industry and Resources believes that in order to make Korea the world’s third largest automotive industry nation in 2010, the entire vehicle manufacturing industry and the parts and components manufacturing industry should form a reciprocal cooperative relationship.
The Ministry of Industry and Resources of South Korea has announced that South Korea will establish 30 world-class specialized automotive component companies by 2010, bringing the export value of auto parts to 6 billion U.S. dollars.
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