Korean Machinery Industry Looking to Export $50 Bln in 2012

Some 250 people attend a New Year meeting of those in the industry

The Korea Association of Machinery Industry (KOAMI) held a New Year gathering for those in the machinery industry at 63 City in Yeouido, Seoul, on Jan. 11.
Among the roughly 250 people on hand at the event were Minister of Knowledge Economy Hong Suk-woo, Rep. Kim Jung-hoon, of the National Assembly Knowledge Economy Committee, and KOAMI Chairman Chung Ji-taik.
The Korean machinery industry set its 2012 export goal at a record $50 billion.
KOAMI predicted that the local industry is expected to suffer a setback due to a decline in the demand for capital goods in China, Korea's biggest exporting market, a repercussion of the euro debt crisis. However, they believe things will likely go well in the second half when the entry into force of the Korea-U.S. Free Trade Agreement (KORUS FTA) begins to bear fruit, and good-quality new products are put on the market in accordance with the government's policies to nurture world-class products.
The participants selected as the industry's 2012 key words "R&D" and the Chinese phrase "pung shin yeon deung," meaning "the stronger the wind blows, the higher the kite flies." The selection of the key words is designed to help the industry make a leap higher by coping with rapidly-changing internal and external business circumstances such as the global economic crisis, FTAs, and the ramping up of R&D activities.
KOAMI Chairman Chung said in a speech that the Korean machinery industry chalked up a record 100 trillion won in production for the first time in its history last year, thus contributing to Korea's ushering in an era of $1 trillion trade. He expressed his hope that this year will be the first year for building a foundation to usher in an era of $2 trillion trade by focusing on technology convergence and multidisciplinary and shared growth, he said.
KOAMI hosts the industry's top three machinery fairs this year ― the Korea Machinery Fair 2012 Shanghai; KOFAS 2012 CHANGWON & KOFAS 2012 KINTEX (International Factory Automation System Show 2012 Korea), and the Korea International Machinery Expo 2012. nw

Minister of Knowledge Economy Hong Suk-woo, Rep. Kim Jung-hoon, of the National Assembly Knowledge Economy Committee, and KOAMI Chairman Chung Ji-taik & Vice Chairman Park Young-tak attend a New Year meeting for those in the machinery industry at 63 City in Seoul on Jan. 11. (inset) MKE Minister Hong toasts with the participants.