Industry Minister Vows to Nurture EV Sector as New Export Growth Engine

New Industry Minister Bang Moo-kyu visited a factory of Hyundai Motor Co. on Tuesday and vowed extended support for the electric vehicle (EV) sector to boost the country’s exports and the overall economic growth, his office said. (Image courtesy of Yonhap)

SEOUL, Sept. 26 (Korea Bizwire) — New Industry Minister Bang Moo-kyu visited a factory of Hyundai Motor Co. on Tuesday and vowed extended support for the electric vehicle (EV) sector to boost the country’s exports and the overall economic growth, his office said.

Bang, who took office last week, launched a government delegation to be tasked with communicating with exporters and helping address issues, and chose the Hyundai factory in the western city of Asan as its first destination, according to the Ministry of Trade, Industry and Energy.

The delegation also involves the Korea Trade Investment Promotion Agency and other relevant organizations.

During Tuesday’s meeting, the minister and Hyundai officials discussed ways to expand the carmaker’s presence in ASEAN and other emerging markets by further promoting EV products through South Korea’s official development assistance, or ODA, programs.

The government plans to invest around 2 trillion won in research and development projects over the next five years to support domestic carmakers’ transition to future mobility and to secure advanced technologies.

It also seeks to increase trade financing and other supportive measures for automotive part manufacturers, according to the ministry.

“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 logged double-digit on-year growth over the past 14 months through August on the back of solid global demand for EVs and other eco-friendly cars.

During the first eight months of 2023, auto exports surged 39.5 percent on-year to $46.85 billion, though the overall exports logged an on-year fall amid a global economic slowdown.

(Yonhap)