S. Korean auto-parts firms may win US$400 mln in orders from GM

S. Korean auto-parts firms may win US$400 mln in orders from GM
SEOUL, May 6 (Yonhap) -- South Korean auto-parts manufacturers are expected to
win a combined US$400 million in orders from General Motors Corp., a local trade
promotion agency said Wednesday.

The deals were negotiated at annual trade talks between GM and 39 South Korean
car-parts companies in Detroit, the Korea Trade-Investment Promotion Agency said
in a statement.
Last year, 49 South Korean firms won export deals worth $320 million from GM at
the negotiations, which were hosted by the local trade promotion agency.
The agency had originally planned to cancel the annual negotiations as GM is
teetering on the verge of bankruptcy, but went ahead with the talks to help local
firms expand sales of auto parts in the U.S.
"We eventually decided to hold the event to lay the groundwork for local firms to
expand sales in the U.S. after the restructuring of the Big 3 automakers in
Detroit," said Cho Hwan-eik, president of the agency, in the statement.
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