The non-profit organization says 2008 will also be a meaningful year with automobile-related exports expected to reach over US$50 billion. That includes outbound shipments of Korean-made complete cars worth about $40 billion and $14 billion for automotive parts.

At a ceremony hosted by the KAMA, marking "Automobile Day" in Seoul on Wednesday, Knowledge Economy Vice Minister Lim Chae-min said the government will spare no effort in giving policy support to Korea's automotive industry.

KAMA says the government should rev up its support in the R&D sector so Korean companies don't lag behind foreign competitors in development of eco-friendly and high-tech cars.

In related news, the Ministry of Land, Transport and Maritime Affairs says there are close to 17 million registered cars in Korea, of which around 250,000 are foreign-made.

A regional breakdown indicates drivers in Seoul account for more than 110,000 foreign cars while, Busan, Korea's second-largest city, has 10,000.

The ministry says in terms of purchase behavior for foreign cars, Seoulites opt for large luxury models while people in Busan tend to choose those that are fuel-efficient and smaller.

Arirang News