Aiming at Posting a Record High for Machinery Exports

Machinery industry aims to export $41.3 bln worth of general machinery items, 2 tln won in facility investments

The Korean machinery industry disclosed plans to funnel some 2 trillion won into facility investments for this year and export $41.3 billion worth of general machinery in 2011, a 14 percent surge over 2010.
The Korea Association of Machinery Industry (KOAMI) held a New Year’s gathering at the 63 Building in Yeouido, Seoul, on Jan. 14. Among those on hand at the event were Minister of Knowledge Economy (MKE) Choi Kyung-hwan; Kim Young-hwan, chairman of the National Assembly Knowledge Economy Committee; Chung Ji-taik, KOAMI chairman; Lee Wan-geun, chairman of Shinsung Holdings; Kwon Young-ryul, chairman of Hwacheon; Gyeonggi Institute of Technology President Han Young-soo; Yoo Wan-seok, chairman of the Korea Society of Mechanical Engineers; Korea Institute of Machinery & Materials President Lee Sang-chon; and Na Kyung-hwan, president of the Korea Institute of Industrial Technology.
MKE Minister Choi praised the Korean machinery industry’s achievement of exporting more than $36.2 billion worth of machinery last year despite the uncertainties of the economic crisis, which he said were owed to the industry’s strenuous efforts to develop value-added technology and promote exports. In particular, he said, the machinery industry, serving as a key industry impacting the competitiveness of Korea’s mainstay industries including automobiles, shipbuilding and semiconductors, has greatly contributed to helping Korea rise to the global top seven trading power.
The minister urged those in the industry to strengthen their capability to develop high valued-added products by pushing ahead with investment plans in 2011 without a hitch as well as for the machinery industry, one of the manufacturing industries with lots of concerns and employees, to help return to the virtuous cycle of maintaining growth, creating jobs and turning around the economy.
KOAMI Chairman Chung said in his opening message, “The Korean machinery industry is forecast to register a record high of exports during this year.” He predicted that the industry will reach 97 trillion won in production in 2011, up 7.8 percent over 2010, and see exports rise to $41.3 billion won.
The participants resolved to join forces in making this year the first year of Korea’s leap forward toward a world-class machinery power.
Currently Germany, the United States and Japan command a 40 percent share of the global machinery industry, whose value is estimated at $1 trillion. The machinery industry is one of the representative industries controlled by advanced countries, and a key industry in determining quality and competitiveness by supplying production equipment and parts to all industries.
Those in the domestic machinery industry pledged to create new value-added products based on the combination of machinery and parts, IT, nanotech and other industries, pursue the improvement of quality through collaboration among industry, academia and research circles and make the nation an advanced machinery power by capitalizing on the Korea-U.S. and Korea-EU free trade agreements. nw

Celebrities attending at a New Year’s gathering, organized by the Korea Association of Machinery Industry (KOAMI). Seen from left are Na Kyong-hoan, president of Korea Institute of Industrial Technology,; Shin Keh-cheol, CEO of Inatech,; Yoo Wan-suk, chairman of the Korean Society of Mechanical Engineers,; Lee Sang-chun, chairman of Korea Institute of Machinery & Materials,; Minister Choi Kyung-hwan, of the Ministry of Knowledge Economy,; Kim Young-hwan, chairman of the National Assembly Knowledge Economy Committee,; Lee Dal-woo, chairman of KC Cottrell,; KOAMI Chairman chung Ji-taek,; Lee Wan-keun, chairman of Shinsung Holdings,; and Hwacheon Chairman & CEO Kwon Young-rual.

KOAMI Chairman Chung Ji-taek delivers a New year address at the 63 Building in Yeouido, Seoul.