S. Korean machinery industry eyes 5 pct global market share

SEOUL, Nov. 13 (Yonhap) -- South Korea's machinery manufacturers are aiming to
grab 5 percent of the global market in 2012 by building up competitiveness in the
eco-friendly business sector, industry sources said Friday.
Business umbrella organizations such as the Korea Federation of Mechanical
Engineering Societies (KFMES) and the Korea Association of Machinery Industry
said at an industry gathering in Seoul that local companies have steadily
expanded their presence in foreign markets this year despite the overall economic
slump.
Market share for South Korean made products is forecast to reach 3.6 percent this
year from 3.1 percent in 2008.
"Gains have been possible thanks to an overall rise in demand for enhanced
environmental protection requirements around the world and 'green' energy
products," a KFMES report said.
It added that the country's global standing could rise from ninth place as of
2008 to seventh in 2012.
Industry experts and government policymakers, meanwhile, pointed out that
companies must do more to boost their competitiveness by making products that are
more environmentally friendly and energy efficient.
They added that measures must be taken to merge general machinery with the
country's expertise in information technology that could permit more value to be
created.
South Korea along with Japan, the United States, China and the European Union
presently control 84 percent of the world's machinery market.
yonngong@yna.co.kr
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