KOAA Show Attracts Foreign Buyers at SETEC
- Around 700 foreign buyers crowd the show from Oct. 27-29

The Korea Auto Parts and Accessories Show opened its curtain on Oct. 27 for a three-day run at the Seoul Trade and Exhibition Center(SETEC) organized by the Shihwa Trade Promotion Foundation with the support of the Ministry of Commerce, Industry and Energy, the Gyeonggi provincial govern-ment, KOTRA, and Korea Auto Parts Cooperatives.
The international event intended to create the direction of the development of the auto parts industry through the exchange of information with auto parts makers in advanced countries and automakers.
On display were auto parts from 220 firms in 12 countries including 70 foreign firms including such renowned firms like GM, BMW, TRW, and Delphi.
The global event provided an opportunity for Korean auto and parts makers to hold talks with their foreign counterparts on car exports, joint investment, strategic arrangements, the exchange of information, joint development and cooperation.
Around 8,000 people from such sectors as auto parts and accessory makers, maintenance, and academics, came to SETEC and met with about 700 foreign buyers representing some 500 foreign firms from 54 countries. They negotiated exports of auto parts involving $200 million at the show.
On Oct. 26, the Technology and Marketing Conference organized by the Society of Automotive Engineers(SAE) took place at Inter-Continental Hotel in southern Seoul for some 150 people representing auto parts makers and related industries.
Director Gary Schkade of SAE spoke on the next generation automobile power technology, while Vice President John Clevelend of IRN Co., delivered a speech on competition in the North American car market. Shin Won-joon, an official of Ford Motor Co. spoke on the development of cars for customers. President John Humphrey of J.D. Power & Associates and CEO Sandy Ring of Michigan Economic Development Corp. provided important messages to the Korean auto industry.
In the meantime, MOCIE Minister Lee Hee-beom, in his speech delivered at Amcham recently, said the United States is still the biggest importer of Korean goods with two-way trade amounting to $59 billion and Korea is the 7th largest trading partner for the U.S. and the 4th largest market for U.S. agricultural products. The U.S. again is the largest foreign investor in Korea and at the same time, the largest investment destination.
The Korean government has been making efforts to improve the business environment. For example, is providing industrial sites at discounted rates. A special law to support SMEs with labor was enacted last year to ease their labor shortage and pursuit of management stability.
The Korean government will continue to make policy efforts to create jobs and stimulate the economy by boosting the morale of companies. MOCIE will seek changes and innovation, efficiently supporting companies' efforts to strengthen competitiveness.
The Korean government provides one-on-one services to foreign investors through project managers of Invest Korea. Other incentives include the Cash Grant, stronger incentives in taxation and industrial land and eased requirements for the destination of the Foreign Investment Zone.
The minister said it is very important to create an environment that fosters the knowledge-based industry such as distribution, logistics systems, consulting, design and e-business. To this end, the government will ease regulations so that the IT infrastructure will be fully utilized for corporate activities and establish an online system to provide administrative services for companies.
In the 1960s, the investments of Motorola and IBM were the milestone for the development of Korea's semiconductor and computer industries. In the 1990s, Motorola's relocation of its plan to Paju near the DMZ said to the world that Korea's security was strong and sound. This year, Citigroup's acquisition of Koram Bank worth $1.7 billion and GM Daewoo's additional investment of $1.4 billion were the affirmation that the Korean economy is stable. nw