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Market
Market Outline
Since the early 1960s, South Korea has achieved an incredible record of growth and integration into high-tech modern world economy. Four decades ago the GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is 18 times North Korea's and equal to the lesser economies of the European Union. This success through the late 1980s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labour effort. Korea is already recognized as having the world’s 5th strongest automobile industry. The world is turning its attraction to Korea with the most suitable infrastructure such as the Incheon International Airport, established as northeast Asia’s hub port. Northeast Asia is quickly rising as the world’s largest automobile producer and consumer at the same time. Automobile production in this region is reaching 30% of world production. With more than 4 Mio. produced cars in 2004, the Korean automobile industry is an important customer for international suppliers. International companies benefit from the sustained openness of the domestic market towards foreign products. The new car registrations will raise again. With the increase in auto parts demand, the Northeast Asian region has become one of the world’s most vital markets.
Northeast Asia is rising as the world’s greatest cluster of autoparts Industries. The potential of this region is unlimited, considering the synergy effects displayed by the coupling of the technological and price competition of the three countries.
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