South Korean auto industry officials pose for a photo Thursday during the 47th Automotive and Mobility Industry Development Forum at the Automobile Hall in Seoul. Photo by Asia Today
May 28 (Asia Today) -- South Korean auto industry officials and experts called for stronger domestic manufacturing capacity Thursday as major economies move to protect their own industries through tariffs, subsidies and investment restrictions.
The Korea Automotive Industry Alliance held its 47th Automotive and Mobility Industry Development Forum at the Automobile Hall in Seoul under the theme "The Global Trade Paradigm Shift and Strategies to Strengthen K-Mobility Competitiveness."
Chung Dae-jin, chairman of the association, said major export markets, including the United States and the European Union, are strengthening protection for their domestic industries through tariffs, import and export controls and industrial support policies.
"South Korea is also expanding investment in future vehicles and improving its systems, but there are areas where it is not keeping pace with the speed of change in the global trade environment," Chung said.
