KOTRA, Hyundai Motor and Kia directly connect parts suppliers with U.S. sales channels

KOTRA, Hyundai Motor and Kia agreed to cooperate in developing U.S. sales channels for Korean auto parts suppliers. This is expected to provide Korean parts suppliers with direct routes to overseas markets.

The three organizations signed the 'Memorandum of Understanding (MOU) to Support Overseas Market Entry by Korean Parts Suppliers' at KOTRA's headquarters in Seocho-gu, Seoul, on 8 day. The purpose of the agreement is to support expanded exports by small and medium-sized parts suppliers with outstanding technologies.

They announced that they would first hold an event in the United States connecting Korean parts suppliers with automakers such as Ford and Stellantis. They said the event's specific schedule and participant list would be announced later.

The article stated that auto parts 15among the country's major export items, 6in terms of share. It reported that total exports from the automotive industry last year reached 720billion dollars, the highest ever, as the market was diversified into Europe and other regions.

The article says that this cooperation aims to expand export channels and match companies with overseas buyers. Details such as the specific arrangements or the contract values of individual companies should be confirmed later through disclosures or announcement documents.