SOUTH Korea is the sixth-largest car producer in the world with an annual output in excess of two million units. But this is expected to change.
If production forecasts are met, Korea will become the fifth-largest by the year 2000, after Japan, Germany, France and the United States.
South Korea's International Trade and Industry Ministry estimated that, by the beginning of the next century, the industry will challenge France for fourth place with an annual output of 5.5 million units.
Korean manufacturers, with overseas assembly plants in more than 20 countries, have announced plans to double production by the year 2000.
Exports account for approximately 38 per cent of total production, with chief markets being Southeast Asia and South America. Daewoo claims Chile and Peru as two of its most valuable markets.
Daewoo used the slogan, 'The biggest car company you've never heard of', in its bid to enter the competitive British market this year.