Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 22 that on the occasion of Minister Dukgeun Ahn’s visit to Tokyo, Japan’s Toray Industries and another semiconductor materials company confirmed a pledge for combined investment of USD 120 million and submitted their investment declarations.

 

Japan’s largest investor to Korea in the manufacturing industry, Toray Industries has invested over KRW five trillion in Korea since entering the market in 1963 and has continued to expand its business scope. The company produces high-performance materials like carbon fibers, super engineering plastic, and aramid fibers for secondary battery separators and other advanced components.

 

Toray Industries has plans for large-scale investment in Korea in line with its business outlook of augmenting the production line by 2025. Once the aramid fibers manufacturing facility is completed in 2025, Toray Industries will start producing highly heat resistant meta-aramid fibers for electric vehicle (EV) motors.

 

On the heels of the investment declaration ceremony, Minister Ahn met with a major Japanese chemical company to discuss investment in anodes production facilities, and Toshiki Kawai, the CEO of global semiconductor equipment manufacturer Tokyo Electron Ltd., for bilateral talks.

 

The minister also chaired a meeting with Korean companies operating in the local Japanese market in various areas, including semiconductors, electrical and electronics, steel, chemicals, aviation, power generation, and agricultural food products, and discussed measures for promoting exports.