SEOUL – In a significant boost to South Korean industry, two Japanese companies have committed to investing a combined total of US$120 million in the country. This announcement was made by Seoul's Ministry of Industry on Monday during a visit to Tokyo by Industry Minister Ahn Duk-geun.
According to Yonhap News Agency, one of the investors, Toray Industries Inc., an industrial products manufacturer, plans to expand its production capabilities in South Korea by 2025. The investments are earmarked for constructing a new facility to produce meta-aramid, a high-performance material used in electric vehicles. The name of the second Japanese firm involved in the investment has not been disclosed, but the ministry highlighted that these investments are part of ongoing efforts to strengthen bilateral industrial ties and encourage foreign investment in South Korea’s growing sectors.