The Ministry of Trade, Industry and Energy (MOTIE) set its 2024 automobile industry export target at $98.4 billion, a 5% increase from the previous year, and of that, it set automobile parts exports at $23.4 billion, a 2% increase from the previous year, and announced that it will actively work to achieve the target.

The Ministry of Trade, Industry and Energy announced on the 16th that it is making efforts to continue the highest export performance in the automobile industry (complete vehicles + automobile parts) in 2024 by expanding the development of new markets for automobile parts.

Auto parts exports account for about 25% of our country's auto industry exports of $93.8 billion in 2023, and expanding auto parts exports is also a very important task in terms of strengthening the international competitiveness of our parts companies.

The Ministry of Trade, Industry and Energy is smoothly preparing a support system to expand the automobile parts industry into the new future vehicle market.

In order for the Future Automobile Parts Industry Act, enacted in January 2024, to be implemented in July, we are specifically establishing subordinate statutes, such as the scope and procedures for support projects for future automobile parts companies, and are also making efforts to secure finances to promote new projects.

In addition, KRW 442.5 billion will be provided in 2024 to support the development of next-generation high-performance and high-efficiency future car parts technology, and operating funds for companies will also be provided through policy finance institutions and commercial banks.

Vice Minister Kang Kyung-sung said, “In order for the automobile industry to achieve the highest export performance ever this year, it is necessary to expand exports of not only finished vehicles but also automobile parts.He emphasized the need for active efforts by auto parts companies to expand exports.

Vice Minister Kang continued, “The government will do its utmost to support internal combustion engine vehicle parts companies to quickly and flexibly transform into future vehicle parts companies, so that our companies can dominate the future vehicle parts market.”