Visiting Minister of Industry Bang Moon-gyu: "We Will Foster Electric Vehicles as a New Export Engine"

Hyundai Motor Asan Plant Hosts Export Site Visit Delegation Launch Ceremony
Ministry of Trade, Industry and Energy Promotes Additional Car Carrier Securing and Expansion of Eco-Friendly Vehicle Hubs

Visiting Minister of Trade, Industry and Energy Bang Moon-kyu stated on the 26th, "We will foster electric vehicles as a new export engine moving forward."

On the same day, Minister Bang visited Hyundai Motor's Asan plant as the first step to an early turnaround to export growth in the second half of the year and held the launch ceremony of the 'Export Field Visit Group,' expressing this commitment.

He emphasized, "Thanks to the global carbon neutrality trend, including the U.S. Inflation Reduction Act (IRA) and the European Union (EU)'s phase-out of internal combustion engine vehicles, the eco-friendly market will continue to grow," adding, "Among them, the electric vehicle industry is a core sector that creates demand for various advanced industries such as secondary batteries and semiconductors."

The newly launched Export Field Visit Group is a program centered on the Ministry of Trade, Industry and Energy, which oversees export policies, communicating with large, small, and medium-sized enterprises as well as industry-specific associations to identify export difficulties and resolve them on-site as a one-team effort with support organizations in finance, marketing, certification, and other fields. Starting with automobiles as the first visit, the group plans to visit key industries such as secondary batteries and organic light-emitting diodes (OLED), as well as promising small and medium-sized enterprises nationwide to address and manage export challenges.

At the launch ceremony, various support measures were discussed, including ▲ pilot distribution of electric vehicles ▲ pioneering the ASEAN market using Official Development Assistance (ODA) projects such as charger installation ▲ securing additional car carriers to resolve port congestion ▲ preferential trade insurance limits for automobile parts companies. At the event, Minister Bang said, "Despite difficult times, automobile exports have served as a solid pillar of our exports by recording double-digit growth for 14 consecutive months," adding, "In particular, electric vehicle exports have grown as a new export engine, reaching $9.4 billion, a 94% increase compared to the same period last year as of August. I hope this trend continues and leads the way for a positive export turnaround in the second half."

The Ministry of Trade, Industry and Energy plans to spare no support to foster electric vehicles as a core export engine. First, it will expand eco-friendly vehicle export bases in Northern Europe and Japan to support the integration of small and medium-sized electric vehicle parts companies into the global supply chain. Additionally, to support the timely transition of the domestic automobile industry to future vehicles, it will invest 2 trillion won in research and development (R&D) budgets over the next five years in the automobile sector to secure core technologies for strengthening the future vehicle sector's capabilities. At the same time, it will proactively support 9.1 trillion won in future vehicle transition financing and steadily promote the enactment of a special law on future vehicle parts.

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