South Korea commits major spending on ‘future car’ investment

SEOUL - Watching the loading of eco-friendly vehicles at Pyeongtaek-Dangjin port in Gyeonggi-do Province, a domestic trade hub for vehicle exports, South Korea's President, Moon Jae-in, has predicted that the nation will  become one of the world's biggest exporters over the next decade.

"The export of eco-friendly cars at the start of 2020 has jump-started the 'win-win leap' of our economy, adding vitality to our markets," he said. "Today we are starting a new decade to leap into the ranks of the world's big four powerhouses by 2030."

Moon announced measures to invigorate the domestic future car industry. "The Government last year set a goal of making Korea the world's most competitive producer of future cars by 2030, he said."

The measures included investing KRW380 billion in technical development by 2025, creating an ecosystem for the manufacturing of eco-friendly vehicles, ensuring that at least one-third of all new domestically-made cars were eco-friendly, and raising the number of electric vehicles and fuel-cell charging stations.

Of 2020's economic outlook, Moon said the world economy and global trade conditions would improve from last year's, adding: "The Government will make all-out efforts to turn export indicators into pluses and accelerate innovative growth."

The Kia Niro, South Korea's top electric vehicle export, ships to more than 60 countries in Europe and North America. Hyundai has committed to export an estimated 1,600 of its Hyundai Neptune model to Switzerland by 2025. www.korea.kr (ATI).