"Korea-Singapore, the Optimal Partner for Establishing Mobility Strategy"
"Korea is a global leader in the hydrogen economy, electric vehicles, and battery manufacturing sectors, which Singapore has designated as national strategic priorities. Korea will be the optimal partner in establishing Singapore's mobility industry strategy."
On the 12th, Kang Nam-hoon, Chairman of the Korea Automobile Mobility Industry Association (KAMA), emphasized this at the 'Korea-Singapore Future Mobility Development Strategy Seminar' held at The St. Regis Hotel in Singapore. KAMA hosted this event together with the Singapore Manufacturing Federation (SMF) to share experiences and strategies on future mobility between the two countries.
Chairman Kang stated, "Korea has strengths in areas that the Singapore government is focusing on, such as future mobility and smart manufacturing innovation capabilities," adding, "Active government support between Korea and Singapore is essential to foster future mobility."
Local Singaporean figures also mentioned the growth potential of Korean companies and the Southeast Asian market. Herman Loh, Vice President of the Singapore Economic Development Board (EDB), said, "Amid global economic uncertainties, Southeast Asia has emerged as a promising location for Korean companies to expand their businesses," and added, "From diversifying production supply chains to potential partnerships, the growth opportunities in Southeast Asia are tremendous."
The Singapore government plans to supply 50% of its total power generation from hydrogen by 2050. Additionally, to expand electric vehicle adoption, it is increasing charging infrastructure, reducing electric vehicle ownership costs, and diversifying electric vehicle models. Efforts are also being made to advance electric vehicle-related technologies and develop capabilities.
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A representative from United Overseas Bank (UOB) in Singapore stated, "The share of electric vehicle sales in Singapore is expected to increase from 4% in 2020 to 65% by 2030," adding, "We are working to lower electric vehicle ownership and charging costs and to alleviate buyers' concerns about batteries."
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