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"2024 Korea-India Future Automobile Partnering Plaza" held in Chennai, India, on June 4
"KSA Autoconnect Webinar with KOTRA" held for companies wishing to enter the Saudi mobility market

The Ministry of Trade, Industry and Energy (Minister Ahn Duk-geun) and KOTRA (President Yu Jeoung-yeol) will hold the "2024 Korea-India Future Automobile Partnering Plaza (hereinafter referred to as Partnering Plaza)" in Chennai, India, on June 4 to help Korean companies wishing to enter the mobility supply chain in India and Saudi Arabia, and also hold the "KSA Autoconnect Webinar with KOTRA" on the same day.

Partnering Plaza has been designed to establish partnerships between global automakers in India and Korean auto parts manufacturers, such as developing new products and supplying parts. In particular, Chennai, India, as a hub where investment in production facilities flow in for both internal combustion cars and electric vehicles, is expected to be a place for Korean companies to enter the local value chain and discover opportunities for business cooperation.

The event will be participated by about 100 attendees from a total of 60 companies, including global companies such as△ Renault Nissan △ISU △Stellantis △Tata Autocomp △Daimler △Ashok Leyland △OLA and △ Caterpillar and Korean companies including KOTRA's branching companies. The main event will consist of ▲ Seminar on the prospect of India's future car market and Indian market entry strategy ▲One-on-one business meetings.

Saudi Arabia is actively seeking to diversify its economy as part of its 'Vision 2030', a mid- to long-term national development strategy. In particular, the Saudi government plans to replace 30 percent of new car sales in the capital city of Riyadh with electric vehicles by 2030, while the new city of Neom is planned to allow only electric vehicles on the road. In October last year, Saudi Arabia's sovereign wealth fund PIF (Public Investment Fund) agreed with Hyundai Motor to jointly invest more than USD 500 million to establish a CKD plant in the King Abdulla Economic City (KAEC) that is capable of producing 50,000 cars per year in various types including electric vehicles and internal combustion engine vehicles from 2026.

Jeong Oe-young, Executive Vice President for KOTRA's Innovative Growth Division, said "In emerging markets such as India and Saudi Arabia, demand in the mobility sector is on the rise thanks to rising national income and population" adding that "If Korea's auto parts makers with technical capabilities seek cooperation with global companies, who are willing to use these markets as a stepping stone to enter the mobility market, they will be able to pre-occupy new opportunities."



Source : KOTRA (2024.06.03.)