Media release
Friday 18 October - MVT130/2002
Holden Driving Our Auto Exports into Asia
Trade Minister Mark Vaile today welcomed the announcement by Holden
that it will assume the role as the General Motors shareholder in
GM Daewoo.
"Holden's US$251 million investment in GM Daewoo provides the perfect
base for it to capitalise on the growing opportunities in the Asian
automotive market," Mr Vaile said.
"It spells particularly good news for Holden's Family II four cylinder
engine program because Daewoo is its largest customer.
"Korea is an important market for exports of Australian automotive
components and this announcement should go a long way to ensuring
the long term future of this trade.
Mr Vaile said it was important that the automotive industry continued
to develop a more diverse range of export markets, with the Middle
East and US currently accounting for over 60% of our auto exports.
"Given the high tariff barriers that exist in most Asian markets
it has not been easy for Australia's automotive vehicle and parts
manufacturers to access the Asian market and I commend Holden for
the enterprise and initiative they have shown in securing a future
in this market," Mr Vaile said.
"The Australian automotive industry directly employs over 54,000
Australians and its future will be largely dependent on its ability
to export.
"Holden has recognized this fact and this announcement should mean
that it will continue to help build on the 1 million new jobs created
under the Liberal National Party Government since 1996.
"The deal will go a long way to ensuring that Holden meets its target
of exporting 50,000 vehicles by 2008."
Media Contact: Robyn Bain +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 13:53:58 EST
