Korean Machinery Industry Continues to Grow in the Global Market

As of August 23, 2024, the Ministry of Trade, Industry and Energy reported that Korea’s general machinery exports reached $25.7 billion in the first half of the year, marking a 1.6% increase compared to the previous year. This growth stands in stark contrast to the more than 30% decline in exports of semiconductors and displays, which are Korea’s main export items. Industry insiders credit this growth to the Korean government’s mid- to long-term R&D support, tax incentives, and the strengthening of an intergovernmental cooperation system.

Notably, Korean machinery companies like HD Hyundai Infracore and Doosan Enerbility achieved record-breaking business performances due to increased exports to North America and the Middle East, as well as profits from overseas power generation projects. The combined efforts of the Korean government and the private sector led to a 26% increase in machinery exports to the Middle East market in the first half of the year, totaling $1.3 billion.

Furthermore, the Korean government established a one-trillion-won industrial technology innovation fund and held a roundtable of chief technology officers (CTOs) to announce its industrial technology innovation strategy. Such institutional support from the government is expected to significantly contribute to the sustained growth and enhanced competitiveness of the Korean machinery industry in the global market.

* Article source : https://www.businesskorea.co.kr/news/articleView.html?idxno=200287