The tuning industry in Korea is estimated to be around USD 500mil, while Japan tops in at over USD 14billion. We suspect this will change soon.
The good news for foreign aftermarket parts manufacturers, looking to enter the Korean market, is that the present administration has vowed to change laws to allow cosmetic and performance modifications to cars. We assume the changes to law (or application of law) will occur this year.
A decent article on the issue may be found at: Legal Tune-up to Help Koreans Pimp Their Rides
Sean Hayes may be contacted at: SeanHayes@ipglegal.com.
Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. He is ranked, for Korea, as one of only two non-Korean attorneys as a Top Attorney by AsiaLaw.
- Opportunities in Korea’s Growing Tuning & Performance Modification Industry for Foreign Companies
- Korean Smart City Opportunities for Foreign and Domestic Companies Doing Business in Korea
- Can you Revise Employment Rules in Korea without the Agreement of Employees?
- Content Opportunities for Int’l Entertainment Companies in Korea
- Valid and Enforceable Contracts in Korea: Korean Contract Law Basics
- Starting a Company in Korea: Establishing a Foreign Capital-Invested Korean Company, Branch or Liaison Office
- Korean Tax Laws on Entertainment Companies in Korea: Overseas Tax Deductions
- Abuse of Market Dominance in Korea: Competition Law in Korea
- Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 14, 2014
- Weekly Korean Legal News From International Law Firm – IPG Legal for the Week of July 21, 2014