S. Korean trade promotion agency to hold auto parts fair in Prague

SEOUL, June 7 (Yonhap) -- South Korea's trade promotion agency said Sunday that it will hold an auto parts fair in Prague this week to help promote sales of locally made automotive parts in Europe.

The Korea Auto Parts Prague 2009 will be held on Monday and Tuesday with many
European car manufacturers and first vendors being invited to the fair, the Korea
Trade-Investment Promotion Agency (KOTRA) said.
It said Hyundai Motor Co., Kia Motors Corp. and 19 local car parts makers that
have operations in Europe will be present to hold talks with representatives from
Skoda Auto and affiliates of German carmaker Volkswagen, PSA and Inveco.
PSA is a French auto giant that makes Peugeot and Citroen cars, while Inveco of
Italy is one of the leading manufacturers of trucks, buses and diesel engines.
"The fair is expected to help fuel cooperative tieups between South Korean and
European carmakers and parts suppliers, especially since there is a chance that a
free trade agreement will be reached," said a KOTRA official.
South Korea, which has emerged as one of the major players in the global auto
industry, is eyeing the large automotive parts market. Local companies have made
strides to improve quality and enjoy price competitiveness in part due to the
depreciation of the local currency compared to the U.S. dollar and the euro.
In 2008 local companies exported US$13.9 billion worth of car parts abroad, with
shipments going to Europe gaining 7.9 percent on-year to $2.4 billion.