Korea’s key industries face triple whammy

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Korea’s key industries face triple whammy

Korea’s key industries are struggling with a triple whammy of dwindling overseas markets, growing competition and a lack of pioneering products, a report said yesterday.

According to the report compiled by the Samsung Economic Research Institute, the country’s six major industries, such as mobile handsets, TVs, displays and autos, face increased competition, especially in overseas markets.

The report said Chinese handset makers, such as ZTE, have emerged as strong global players by focusing on low-end mobile phone markets, threatening Korean tech firms like Samsung Electronics and LG Electronics.

Also, Nokia, a Finnish handset maker, and other struggling tech firms are striving to reclaim their former positions near the top of the market, the report said.

Korean automakers also face a strong counterattack from Japanese rivals, which are currently benefiting from a weaker yen, the report said.

Local shipbuilders, which have garnered large orders over the past few years, are seeing a rise in competition from Chinese and Japanese shipyards that have received massive support from their governments, it said.

“Once the key industries lose their foothold in their sectors, it is very hard to regain competitiveness,” the report said.

The report urged each industry to redouble efforts to keep their status and emerge as “the first mover” in their sectors.

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