Son Dong-yeon, Chairman of Gijinhoe, "Focusing on Strengthening Response Capabilities to the 4th Industrial Revolution This Year"

2020 New Year's Meeting for Machinery Industry Professionals Held

On the 15th, key figures attending the '2020 Machinery Industry New Year's Meeting' are taking a commemorative photo. From the left: Song Jaebok, President of the Korean Society of Mechanical Engineers; Kim Jaehak, CEO of Heizen Motor; Park Cheonhong, President of the Korea Institute of Machinery and Materials; Lee Wangeun, Chairman of Shinseong ENG; Son Dongyeon, Chairman of the Korea Machinery Industry Promotion Association; Jung Seungil, Vice Minister of the Ministry of Trade, Industry and Energy; Shin Gyecheol, Chairman of Inah Group; Heo Jaewoong, CEO of Daewon Kangup; Han Seungil, Chairman of AR; Kim Dongseop, CEO of Hyodong Machinery Industry; Seo Yuseong, Business Director of Hyundai Robotics.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Machine Industry Promotion Association has decided to focus on strengthening its capabilities to respond to the 4th Industrial Revolution this year. Additionally, it plans to promote the development of the global machinery equipment industry and diversify export markets for the machinery industry.

On the 15th, the Korea Machine Industry Promotion Association (Chairman Son Dong-yeon, hereafter KMIPA) held the "2020 Machinery Industry New Year's Meeting" at the 63 Convention Center, attended by about 300 machinery industry professionals including Jeong Seung-il, Vice Minister of the Ministry of Trade, Industry and Energy, and Son Dong-yeon, Chairman of KMIPA, where these announcements were made.

This New Year's meeting was organized to encourage the efforts of machinery industry professionals who, despite difficult conditions such as the US-China trade dispute and Japanese export restrictions last year, achieved the milestone of $50 billion in general machinery exports for two consecutive years and maintained their status as the second-largest export item following semiconductors. It also aimed to promote harmony among industry, academia, and research sectors. Machinery industry professionals reaffirmed their commitment to enhancing future competitiveness by developing customized technologies and innovating manufacturing processes amid rapidly changing manufacturing environments such as the Internet of Things (IoT), 5G, and Artificial Intelligence (AI).

Chairman Son Dong-yeon emphasized, "The strong wave of the 4th Industrial Revolution demands greater change and innovation in the machinery industry," adding, "This year, to strengthen our response capabilities to the 4th Industrial Revolution, we will expand the training and dissemination of digital manufacturing equipment specialists and promote the digitalization of manufacturing sites to dramatically increase productivity."

On the 15th, Son Dong-yeon, Chairman of the Korea Machine Industry Promotion Association, is delivering a New Year's address at the '2020 Machine Industry New Year's Meeting'.

Chairman Son further stated, regarding the development of the global machinery equipment industry, "We will focus on innovation in research and development (R&D) to enhance competitiveness," and added, "We will promote global value chain analysis, globalization of materials, parts, and equipment statistics, and financial support to ensure reliability." Furthermore, KMIPA plans to strengthen customized business centered on New Southern and New Northern countries to diversify export markets for the machinery industry. Chairman Son said, "While adding high value to machinery equipment exported to key markets such as the US, China, and the EU, we will build new cooperative networks to expand entry into emerging markets such as the Middle East and Latin America."

Meanwhile, KMIPA forecasted that although the global economic recovery is expected to be slow this year, the machinery industry’s exports will show a recovery trend due to increased facility investments in the US and ASEAN regions.

This content was produced with the assistance of AI translation services.