Hyundai's Reentry into Japan after 13 Years and Future Cars Blur Industry Boundaries... Korea-Japan Cooperation in Osaka

KOTRA to Host the 14th Kansai Korea-Japan Economic Forum on the 1st

Hyundai Motor Company Ioniq 5. (Photo by Hyundai Motor Company)

[Asia Economy Reporter Moon Chaeseok] KOTRA announced that it held the "14th Kansai Korea-Japan Economic Forum" on the 1st in collaboration with the Consulate General of the Republic of Korea in Osaka. As Hyundai Motor Company re-enters the Japanese market focusing on eco-friendly vehicles such as electric and hydrogen cars after 13 years, the speed of industrial restructuring is high, and the pace of cooperation between the two countries is expected to accelerate.

According to KOTRA, about 100 local company officials attended the event. Just as Hyundai Motor Company knocked on the door of the Japanese market again after 13 years, it is said that the atmosphere in Japan is also dedicated to accelerating the transition to eco-friendly vehicles, making the forum very lively.

According to KOTRA, the Japanese government has declared a 100% transition to electric vehicles by 2035, and leading companies such as Toyota have announced research and development (R&D) and facility investment plans centered on future vehicles. According to the Japan Automobile Manufacturers Association, last year, electric vehicle sales in Japan accounted for only about 0.5%, but leveraging its strengths in parts and materials and a solid domestic market, Japan is accelerating the transition to future vehicles. As the boundaries of the automobile industry become blurred and collaboration expands due to the transition to future vehicles, many companies regard Japan as a new mobility strategy hub.

The forum began with a lecture by Kyoto Sangyo University on "Current Status and Cooperation Possibilities of Korea-Japan Future Mobility," followed by KOTRA's presentation on "Investment Environment and Policies of Korea's Future Mobility Industry," an introduction to "Current Status and Investment Environment of Gyeongnam Future Car Industry" by the Gyeongsangnam-do Investment Promotion Team, and Hyundai Mobility Japan's presentation on "Hyundai's Strategy and Trends in the Japanese Market."

Japanese speakers included the Osaka Prefecture Smart City Strategy Department and the Japan International Exposition Association, who introduced cases of future mobility utilization in Osaka. The "flying car (air taxi)" mentioned by the association is scheduled to be exhibited at the "2025 Osaka World Expo" three years from now, attracting attention. A promotional booth for Busan City was set up at the venue, and promotional activities for the bid to host the "2030 Busan Expo" were also conducted.

Son Hogil, Director of KOTRA Osaka Trade Center, said, "Future vehicles have significant forward and backward linkage effects in electronics, chemistry, and other sectors, and represent a rapidly growing opportunity market amid the global carbon neutrality trend. We will take the lead in discovering and supporting practical cooperation demands between Korean and Japanese companies, including investment attraction."