Automakers and Parts Industry Welcome Korea-U.S. Investment Agreement: "Uncertainties Resolved"

"Maintaining a Stable Trade Environment Including Tariffs"

The automobile industry has welcomed the agreement between Korea and the United States to promote investment projects targeting the U.S. market.

Yonhap News Agency

The Korea Automobile Mobility Industry Association stated on October 1, "This is the first concrete example of implementing the Korea-U.S. strategic investment in the U.S. that was agreed upon last year," adding, "It will serve as an important milestone in further advancing economic and industrial cooperation between the two countries."

The association continued, "It will help alleviate trade uncertainties between Korea and the U.S. and create stable conditions for our companies to enter and export to the U.S. market." It emphasized, "In particular, the automobile industry will now be able to maintain a stable trade environment in the U.S., its largest export market, including tariffs, and continue to secure competitive conditions on par with major rival countries."

The association also expressed hopes that "through this investment, the two countries will continue to generate new opportunities for cooperation," adding, "The automotive industry will also actively strive to strengthen the domestic production base by revitalizing the domestic market and building a virtuous cycle parts ecosystem."

The Korea Automobile Industry Cooperative also spoke on behalf of the automotive parts industry, saying, "We hope this will ease the trade uncertainties that the automotive parts sector, with its high ratio of exports to the U.S., has been facing, and will mark a turning point for Korea-U.S. trade and investment to take place in a more stable environment."

The cooperative further stated, "The implementation of the Korea-U.S. tariff negotiation agreement and the creation of a predictable trade environment are extremely important for our parts industry," adding, "We expect that this investment project will further strengthen supply chain collaboration in the Korea-U.S. automobile industry, and that both companies already present in the U.S. and those exporting parts from Korea to the U.S. will be able to secure a sustainable management environment."

This content was produced with the assistance of AI translation services.