Global competition in PHEV production to heat up this year

Korean companies are losing their competitiveness against those from China and Japan. After undergoing a long period of intensive restructuring, Japanese companies are putting pressure on the Korean enterprises helped by the yen’s slide. Meanwhile, Chinese companies with enhanced technical prowess are capitalizing on its huge local market to catch up with their Korean rivals.

Korea, right before the financial crisis in 1997, had been likened to nuts that are squeezed in a nutcracker, as it was losing its competitiveness between high-tech Japan and low-cost China. From this perspective, the Korean economy is now stuck in a new “nutcracker,” according to market experts recently.

Industry sources report that Japanese companies equipped with core technology and competitiveness in materials, are making a return to the global market. Japan, from the first, had a competitive edge in basic science and advanced technology, but could not fully demonstrate it because of political unrest and restructuring.

But, they have now begun full-fledged efforts to target the global market after wrapping up the restructuring process. Backed by the so-called “Abenomics,” Japanese companies now have greater competitiveness in export prices due to the government’s full support and the yen’s slide, to expand their global presence at an accelerated pace. The worlds’ third-largest economy’s shipbuilding industry is generating profits with the focus on high valueadded shipbuilding production, which demands advanced technology.

 
 
korean-machinery.com | Blog Magazine of korean-machinery, brands and Goods

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