[By NBC-1TV H. J Yook]Russelsheim, Germany - GM Opel-Korea Autoparts Plaza was held on 26th of October for 2 days at Adam Opel Haus. The event was co-hosted by GM Opel, GMIO and KOTRA (Korea Trade-Investment Promotion Agency).

The main purpose of Autoparts Plaza is to introduce capable Korean suppliers with new technologies and competitive products to GM Opel and foster strong partnership between them.

Seventeen Korean Suppliers who have close alignment with GM and strong potential to be business partner with GM Opel were invited to the event and executives from GM including more than 150 GM buyers and engineers attended.

Suppliers brought their product samples and gave presentations and demonstrations to show the latest development of their high-tech products. The event offered visitors the chance to establish direct contact with the 17 technically competent suppliers from Korea which have already long experiences in the automotive field.

As part of the event, New technical seminar was held on the first day. 6 suppliers who have been chosen by GM Opel in advance gave presentations on their new technologies.

FTA deal between Korea and the European Union took effect on July 1, 2011. And auto parts sector is considered as one of the main beneficiaries since the removal of tariff, 4.5 percent imposed on auto parts, made Korean supplier more competitive.

GMIO GPSC holds the event annually, since 2006. For the past 5 years, it showed high business performance and Korean suppliers have received orders to the amount of US$ 6 billion as cumulated annual purchasing value. In 2002, only 16 Korean companies supplied to GM and now more than 236 firms have experienced to deliver their products to GM.

In addition, 17 Korean suppliers received GM Supplier of the Year recognition in March, 2011. Among selected 82 companies, Korean suppliers accounted for about 21 percent. Only the U.S. had more companies received the award. Among 82 suppliers, this year’s “Corporation of the Year” winner was LG Chem, Korean supplier.