Good news, at last

Despite the gloom continuing to pervade industry in Korea and worldwide, two pieces of good news have warmed the domestic economy.

The news is that Hyundai Motor’s luxury sedan Genesis was chosen as “Car of the Year” at the 2009 North American International Auto Show held recently in Detroit, Michigan.

Not only that, LG Chem has been selected to provide lithium-ion batteries for the world’s first electric vehicle.

The Chevrolet Volt made by General Motors will go on sale to the general public next year.

LG Chem’s lithium-ion batteries have not been a commercial success so far. That’s because they have been outshined by the company’s Japanese competition.

The Korean companies now have a golden opportunity.

They will exclusively provide vital parts for GM’s all-electric vehicle, which is considered to be at the very core of green technology for the next generation.

It’s a brilliant achievement for Hyundai Motor’s Genesis to outdo its Japanese competitors, including Lexus and Infiniti.

This success was capped by Genesis being selected as the Car of the Year at the international motor show.

This demonstrates that the Korean car industry has reached world-class technical advancement.

After 23 years in the North American auto market, this is a great result.

Even though the global auto market is currently undergoing a serious downturn because of the global economic slump, Korean automakers have secured a springboard to make a fresh leap when the world economy recovers.

We believe that economic recovery largely depends upon companies’ capabilities, as demonstrated by their technological prowess and performance.

What got the Japanese economy back on its feet after a 10-year economic recession was the robust technology created by Japanese manufacturers.

The achievements of the two Korean firms confirm that Korean companies can boast world-class technology and will play a leading part in reviving the sluggish Korean economy.

The government should also bear in mind that providing a favorable environment for Korean companies to develop excellence in technology is crucial for Korea to overcome the current economic crisis.