The British and Korean automotive sectors are to benefit from closer ties as SMMT today signed a Memorandum of Understanding with its Korean counterpart, the Korea Automobile Manufacturers Association (KAMA). The agreement was announced on the UK Pavilion at the Frankfurt Motor Show 2019 by SMMT Chief Executive, Mike Hawes; KAMA President and CEO, Marn-ki Jeong; and Her Majesty’s Trade Commissioner for Europe, Andrew Mitchell CMG.
Supported by the Department for International Trade (DIT), the new commitment will help foster greater collaboration between Britain and Korea in developing connected and autonomous vehicles (CAVs) and low and zero emission technology. It will also help cooperation between the two sectors in terms of trade and investment, given the existing strong relationship.
Korea is one of the largest new car markets in Asia, with more than 1.5 million new cars registered last year, and a key export location for UK-made premium, luxury and sport cars, currently ranking 13th out of some 160 overseas destinations. The UK is the second largest new car market in Europe and British buyers are particularly keen on Korean marques. It is, in fact, the largest EU market for Korean car brands ahead of Germany, with more than 100,000 models registered on British roads in the first half of 2019 alone.
In Korea, Britain and around the world, new cars are increasingly featuring connected and autonomous features. In the UK seven in ten new cars are already available with driver assistance systems, and the potential impact of CAVs to society is significant, with a boost to economic growth and reduction in serious accidents. The opportunities for collaboration between Britain and Korea in the development and deployment of CAVs are sizable due to complimentary factors in both nations.
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SOURCE: SMMT
