Seoul: Hyundai Mobis Co., South Korea's leading auto parts manufacturer, announced on Monday that it convened a forum aimed at addressing the nation's significant reliance on imported auto semiconductor components.

According to Yonhap News Agency, the event, named the Auto Semicon Korea forum, was the first of its kind and gathered senior executives and experts from 23 companies, including the likes of Samsung Electronics Co., as well as representatives from research institutions such as the Korea Electrotechnology Research Institute (KERI). The objective was to explore strategies for enhancing local production of essential automotive semiconductor parts.

This initiative marks the inaugural collaboration between the private and public sectors to bolster the domestic auto semiconductor industry. Hyundai Mobis CEO Lee Gyu-suk emphasized the company's commitment to expanding partnerships with major foundries to enhance independent semiconductor planning capabilities. The company is also pursuing the joint development of automotive semiconductors with fabless firms and design houses.

Hyundai Mobis aims to facilitate the entry of IT and mobile technology companies into the auto semiconductor market and to help establish a robust domestic automotive semiconductor ecosystem. Currently, South Korea imports approximately 95 percent of its auto semiconductor components, including those used in infotainment, connectivity, and advanced driver assistance systems.

The global auto semiconductor market is forecasted to grow by an average of more than 9 percent annually, reaching 200 trillion won (US$138 billion) by 2030, according to data cited from a global market research firm in the press release.