On April 2nd Korea and the US reached an agreement on the KORUS FTA, which is a historic milestone. In particular, the thorny issues related to automobiles were successfully settled resulting in a high level of liberalization.
Automobiles are one of the biggest items in terms of bilateral trade value between the two countries. In future the expressway of KORUS FTA will surely expand auto trade between Korea and the US, making a springboard for another leap.
Despite a late start on a wasteland, the Korean automobile industry has rapidly grown to produce 3.84 million automobiles in 2006 so as to take the 5th place in the world.
The recent development is rather amazing. During the last five decades it has grown to the 5th in production volume, and also grown in product quality as worldly renowned analysts praised.
Last year Korean cars got the 3rd position in the IQS rating, while US Consumer Report listed Korean cars at a high position in terms of durability and quality. These can be interpreted as a meaningful event for our future auto industry in this competitive world market.
Last year, export of automobiles recorded 43.2 billion dollars maintaining automobiles as the top export product for 6 consecutive years.
Furthermore, by creating enormous jobs and added value, the automobile industry is firmly standing as the key industry leading our economy.
Although our auto industry is performing marvelous development, the market is urging us to greater effort and progress.
As you see in the Seoul Motor Show 2007, the global auto paradigm is changing rapidly to environmentally friendly requirements. All the global players are competing fiercely to get advanced in developing eco-friendly vehicles, such as hybrid and fuel-cell cars.
As the paradigm of future cars currently changed into environmentally friendly one, the world car industry is struggling to obtain critical technology of hybrid vehicles and fuel cell vehicles.
The Korean government enacted laws concerning the development and distribution of environmentally friendly vehicles in 2004, and has been vigorously supporting to achieve completion of hybrid vehicle development and systems for fuel cell vehicles by 2010.
Considering the fact that the world market is full of change and challenge, the Seoul Motor Show 2007 is decidedly a very meaningful event.
This year 188 companies from 11 countries participate in this motor show, 5 world premieres will be unveiled for the first time in the world, cutting edge future cars and parts will be exhibited during the show.
Therefore, the Seoul Motor Show 2007 will definitely be a very useful place where we can grasp the trend of the world's car industry and market.
I sincerely hope this Seoul motor Show 2007 to be a useful ground to share information about the auto industry from home and abroad and to play the role as an indicator showing the dream and vision of future auto industry.
And I also wish the show to be an opportunity to feel pride towards Korean automobiles for those who visit the place.
Hoping the Seoul Motor Show to become an internationally acknowledged motor show, I celebrate everyone who devoted themselves for the successful holding.
Thank you.
