INSIGHT & OUTLOOK Country Focus
Korean efficiency and precision manufacturing is well known the world over through its many brands like Samsung and Hyundai. The Korean machine tool industry has grown rapidly and has achieved global accreditation in a short span. Nishant Kashyap takes a look at the fourth largest machine tools manufacturing nation.
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he history of the machine tool industry in Korea is aligned with the overall industrialisation of the country since the 1970s. Korea experienced rapid industrial growth from the 1970s. Large conglomerates in key industries received heavy subsidies from the government to help stimulate the nation’s economy. The industry helped industrialisation like textile, automobile and shipbuilding to grow rapidly, which resulted in huge demand for the machine tools sector in the nation. Korea’s machine
140 MODERN MACHINE TOOLS - January 2012
tool manufacturers have not only capitalised the local demand but, have also achieved global acknowledgement through their sophistication in technology. According to Dong-Ho Moon – Chief Manager – Economic Survey & Public Relation Deparment, Korea Machine Tool Manufacturers’ Association (KOMMA), “Machine tool end users around the world are recognising Korean machine tool brands and are satisfied with products gradually. As major Korean companies drive diverse and aggressive marketing for exports, exports of machine tool products which have been concentrated
KOREA:
Delivering Precision to China (40 per cent of total exports) are being expanded to India, Brazil, and Southern-East Asia successfully.”
Demand Pattern Recognised as the manufacturing hub for ship building, automobile manufacturing and electricals and electronics; demand for the machine tools segment is bound to rise in the near future. “Domestic orders dominate the demand in the Korean machine tools sector, while