Korean auto parts firms can be competitive in Iran, Russia, India: experts

Published : Jul 11, 2017 - 15:50 Updated : Jul 11, 2017 - 16:04

South Korea will soon be able to emerge as a major provider of auto parts in Iran, Russia, India and Mexico where local players are having a difficult time meeting growth in the automobile market, industry sources said Tuesday.

The emerging economies have yet to establish an efficient system for supply and are undergoing rapid growth in consumer demand, Park Jun-young of Sambo Motors said at a forum at the Convention and Exhibition Center in southeastern Seoul organized by the Korea Trade-Investment Promotion Agency.

"The core element of entering the global value chain in this sector is to select competitive items, conduct transactions with global partners and respond rapidly to customers," the expert said.

(Yonhap)

Other industry experts at the KOTRA gathering also advised South Korean cosmetics manufacturers to do more to penetrate the US, Japanese and Brazilian markets with their facial mask packs and bath products.

"It will be desirable for South Korean firms to begin with entry level products before introducing premium goods later," an observer said. "It is also imperative for South Korean firms to establish their brand names through new media outlets." (Yonhap)