Competitiveness of Korean-Made Parts and Materials Improve Sharply

Click to Dynamic Korea HOME... LINKS: ....Korean Stars Image gallery. Stars Video Archives. Photo Puzzles of Korean Stars. Video Guide to Korea. Beautiful Korean Autum Season Photos. Traditional Clothes. Traditional House & Architecture. Traditional Dancing. Mountains. Foods. Korean Celebrities.... Art.. Music.. Society.. Future

Competitiveness of Korean-Made Parts and Materials Improve Sharply

 

October 21, 2004


The technology level of the nation's parts and materials industry has improved sharply, according to a mid-summer survey of 1,298 parts and material companies regarding the "status of international competitiveness of the nation's parts and materials industry." The survey was conducted with companies employing over 100 workers during the one-month period form June 24 to July 23. The Ministry of Commerce, Industry, and Energy announced the survey results on Oct. 13.

According to the survey results, the competitiveness of the nation's parts and materials industry improved from 85 percent in 2001 to 91.7 percent this year in terms of quality, and from 84.1 percent to 89.2 percent in terms of the overall sector.

Major competitors of the nation's parts and materials companies are Japanese and Chinese enterprises. The competitiveness dropped from 57.5 percent in 2001 to 37 percent this year for Japanese companies, but soared from 5.6 percent to 30.9 percent for Chinese firms.

By technology sector, design technology enjoyed the biggest improvement from 67.7 percent in 2001 to 79.5 percent this year.

Related to prospects for sales of parts and materials in the future, 45.8 percent of respondents predicted an increase, whereas 24.2 percent forecast a decrease.

As reasons behind the prospect for an increase in sales, 36.9 percent of respondents selected a rise in demands both at home and abroad and 20.6 percent cited an improvement of quality competitiveness.

On the other hand, 64.3 percent of those polled cited dampened demands as a key factor behind the fall in sales, and 11.9 percent pointed out price competition with trading competitors.

On the prospect for the domestic parts and material industry, 37.1 percent of respondents said it would "worsen," whereas 37.1 percent replied it would "improve."

As for difficulties, 31.1 percent of those polled complained of a rise in manufacturing costs. Others selected poor sales and difficulties in attracting loans from financial institutions.

Accordingly, the MOCIE plans to expand its support for the technology development of parts and material companies and bolster the policy for their cooperation with large companies, while exerting efforts to stabilize the raw materials market.

 

Click to Dynamic Korea HOME... LINKS: ....Korean Stars Image gallery. Stars Video Archives. Photo Puzzles of Korean Stars. Video Guide to Korea. Beautiful Korean Autum Season Photos. Traditional Clothes. Traditional House & Architecture. Traditional Dancing. Mountains. Foods. Korean Celebrities.... Art.. Music.. Society.. Future