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EMO Hannover Blog

EMO World Tour: Strong performance in Korea

April 2017
06
Author: Theodora Laser (Press- and public relations)
Company: Verein Deutscher Werkzeugmaschinenfabriken e.V.
EMO World Tour: Strong performance in Korea

"The German machine tool industry is very well anchored in the South Korean industry and enjoys a very good reputation when it comes to special solutions for special applications in the automotive industry, suppliers, mechanical engineering and the aviation industry," explains Dr. Wilfried Schäfer, Executive Director VDW (German Machine Tool Builders’ Association) during the press conference in Seoul. Dr. Schäfer, and Oliver Frese, Member of the Board of the Deutsche Messe AG, presented the topics and trends of EMO Hannover 2017 to an enthusiastic audience. The good atmosphere and the great interest of journalists and visitors makes us hope for a reunion in September.

 

South Korea's economy with mixed prospects
South Korea's economy has been struggling with declining exports and a weakening domestic sales. On the one hand, exports are suffering from the weak global economic development and falling demand from China, the most important buyer country. In addition, Chinese manufacturers are increasingly becoming competitors in third markets. On the other hand, domestic demand is weakening due to the demographic development, a high debt of private households and increasing unemployment mostly of young people.

However, Oxford Economics expects the gross domestic product to grow by 2.4 percent in 2017. After two weak years, industrial production is expected to recover and grow by 2.7 percent. Investments are expected to grow by 1.3 per cent. Among the eight most important customer industries of machine tools, the automotive industry, the electronics industry and the metal industry are particularly likely to invest disproportionately. The automotive industry is committed to the development of environmentally friendly vehicles and wants to become the second most important supplier in this segment worldwide by 2020. In mechanical engineering, the interlinking of industrial production with modern information and communication technology, the subject of EMO Hannover 2017, is becoming increasingly important. The Korean Ministry of Economic Affairs is pursuing "Manufacturing Industry Innovation Strategy 3.0" and is planning to build around 10,000 Smart Factories.

 

 

Photo: VDW

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