SEOUL, March 28 (AJU PRESS) -- Türkiye's automotive industry exporters' association has stressed the importance of cooperation between two "brother countries" -- Türkiye and South Korea -- to become main players in the global finished car and car parts market.
Uludağ Automotive Industry Exporters Association (OiB), organized an Automotive Sectoral Trade delegation to Seoul and held a series of business-to-business (B2B) meetings with South Korean counterparts in hopes of forging an alliance that would create a significant effect on the global automotive market. The delegation including 22 Turkish automotive export companies will meet South Korean companies for five days between March 26 and 30.
According to global market research firm Expert Market Research, Türkiye's auto parts manufacturing market size reached about $8.7 billion in 2023. The Turkish car parts market is predicted to grow at an annual growth rate of 6.3 percent to reach a value of $15.2 billion by 2032. South Korea's car parts market was analyzed to have a value of 89.2 trillion won ($66 billion) in 2022.
South Korea is highly dependent on China for auto parts, especially battery materials for electric vehicles. South Korea depends on China for 83 percent of its anode materials and more than 60 percent of other important battery parts, according to the Korea International Trade Association.
"Türkiye's automotive industry has the capability to produce high-quality car parts at a low price, based on its experience as original equipment manufacturer (OEM) and original design manufacturer (ODM) of global carmakers," Müfit Karademirler, an accounting board member of OiB, told AJU PRESS during a B2B meeting held in InterContinental Seoul COEX, in Gangnam, a southern district of Seoul on Wednesday.
Karademirler also expressed confidence in Turkish-made car parts: "The Turkish automotive industry can supply excellent quality car parts to South Korean carmakers and aftermarket car parts makers. We are confident that we will have competitiveness against car parts makers from China."
The event was also attended by Salih Murat Tamer, the Turkish Ambassador to South Korea. "Türkiye is one of the top industrial countries in the world, with 81.5 percent of its total exports consisting of industrial products," Tamer said, adding that he believes the B2B meeting will further enhance cooperation in the automobile sector between the two countries. "I must stress that the Turkish Embassy is available 24/7 to address any inquiries from South Korean entrepreneurs."
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