Two Japanese companies have pledged to invest a combined US$120 million in South Korea, Seoul’s industry ministry said Monday.
The pledges were made as South Korea’s Industry Minister Ahn Duk-geun was on a visit to Tokyo, according to Ahn’s ministry.
One of the two Japanese firms is Toray Industries Inc., an industrial products manufacturer, but the ministry didn’t disclose the name of the other firm.
The ministry said Toray plans to expand its production line in South Korea by 2025 and aims to increase future investments, with the latest funding allocated to construct a facility for producing meta-aramid, a material intended for use in electric vehicles.
Source: Yonhap News Agency