‘Direct Hit from COVID-19’ What Is the Way Out for Busan Auto Parts Industry?

Busan City Holds On-Site Meeting with Auto Parts Industry and Related Organizations
Seeking Crisis Overcoming Measures at EdenTech Co., Ltd. on the 30th

Busan City Hall building. An emergency meeting will be held to discuss countermeasures for the Busan automotive industry, which is facing a crisis due to COVID-19.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The automotive parts industry in the Busan area, which has been plunged into crisis due to the novel coronavirus infection (COVID-19) pandemic, is holding an emergency meeting.

Busan City will hold an 'Automotive Parts Industry Roundtable' to respond to COVID-19 at 11 a.m. on the 30th in the conference room of EdenTech Co., Ltd. in Ieum-dong, Gangseo-gu.

Presided over by Park Seong-hoon, Deputy Mayor for Economic Affairs of Busan City, the roundtable will be attended by representatives from Busan Credit Guarantee Foundation, Korea Technology Finance Corporation, Busan Technopark, Korea Institute of Machinery and Materials, Korea Automotive Parts and Materials Industry Technology Research Association, and the automotive parts industry.

This roundtable was organized to listen to the suggestions of the automotive parts industry and seek joint countermeasures as the crisis in the automotive parts industry escalates due to the global spread of COVID-19 and the sharp decline in finished car sales.

So far, Busan City has been promoting foundational projects such as special guarantees for automotive parts companies, support for fostering small and medium enterprises and working capital, R&D support projects for localization of core parts, and establishment of a global quality certification center for automotive parts to support liquidity in the automotive parts industry.

Through this roundtable, Busan City plans to directly hear the difficulties faced by the automotive parts industry due to the COVID-19 situation, discuss countermeasures, and immediately prepare measures to foster the automotive parts industry.

Park Seong-hoon, Deputy Mayor for Economic Affairs of Busan City, said, “We will continue to create communication channels to capture the diverse voices of the automotive industry,” and added, “We will devote efforts to ensure that the automotive parts industry can secure global competitiveness even amid the global crisis of COVID-19.”