"392.4 Billion KRW Invested in Future Car R&D... 9.7 Trillion KRW Policy Financial Support"
Ministry of Industry Holds Future Automotive Parts Industry Act Briefings
Touring Regions Including Pyeongtaek, Daegu, Ulsan, and Gwangju
![An LG Display model is showcasing a digital cockpit composed of a '48-inch pillar-to-pillar LTPS LCD' and an '18-inch slidable OLED' for vehicles. <br>[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2024011008405224333_1704843652.jpg)
An LG Display model is showcasing a digital cockpit composed of a '48-inch pillar-to-pillar LTPS LCD' and an '18-inch slidable OLED' for vehicles.
[Image source=Yonhap News]
The Ministry of Trade, Industry and Energy announced on the 10th that it held the first briefing session on the 'Future Automotive Parts Industry Act' at Pyeongtaek University, attended by over 100 representatives from automotive parts companies.
This briefing session was organized to explain the purpose and key contents of the 'Special Act on the Promotion of Transformation and Ecosystem Development of the Future Automotive Parts Industry,' which will be fully enforced starting July this year, to companies and to gather opinions from parts companies regarding the establishment of subordinate laws and regulations.
The main contents of the Future Automotive Parts Industry Act include ▲reflecting the characteristics of future vehicles represented by Software-Defined Vehicles (SDV) by including software (SW) within the scope of future vehicle technologies and parts, and ▲providing comprehensive support for core competencies of future vehicle competitiveness such as technology development, commercialization, and standardization. It also includes ▲provisions to promote domestic investment in the future vehicle industry and special regulations to strengthen supply chains.
The Ministry of Trade, Industry and Energy also introduced the '2024 Future Vehicle Research and Development (R&D) Support Direction,' which will invest a total of 392.4 billion KRW this year to support future vehicle technology development by parts companies, as well as 'Successful Cases of Business Transformation by Parts Companies.'
At the parts companies discussion forum, KG Mobility, Dongha Precision, Mprotec, Younghwa Tech, and Yungjin Enterprise presented opinions such as expanding investment support, continuously promoting future vehicle transition support projects, and providing equipment support for development and testing.
The Ministry stated, "With the enactment of the Future Automotive Parts Industry Act, a strong support system has been established to enable a swift and flexible transition to the future vehicle industry and to strengthen the competitiveness of the parts industry. We will focus on securing ultra-gap technological competitiveness, proactively supporting business restructuring, and expanding infrastructure, and will also supply future vehicle policy financing worth 9.7 trillion KRW in 2024."
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The Ministry plans to hold regional briefing sessions starting in Pyeongtaek, followed by Daegu (January 12), Ulsan (January 16), and Gwangju (January 18), and intends to reflect the collected opinions in the establishment of subordinate laws and regulations.
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