ID :
55781
Thu, 04/16/2009 - 09:21
Auther :
Shortlink :
https://www.oananews.org//node/55781
The shortlink copeid
S. Korean parts fair to draw $400 mln in deals with Japan
By Lee Joon-seung
SEOUL, April 16 (Yonhap) -- A large-scale industrial fair aimed at boosting exports of South Korean parts and components to Japan is expected to help secure nearly US$400 million worth of new deals, the government here said Thursday.
The two-day event will run through Friday at the Korea International Exhibition
Center, west of Seoul, drawing big names including Mitsubishi Electric, Sumitec
Co., Namekawa Keido Co. and USEN.
South Korea's Ministry of Knowledge Economy, which is sponsoring the event,
expects 59 Japanese companies will attend to hold talks with 270 local firms.
Nine memorandums of understanding are set to be signed during the fair, expanding
business tie-ups across the East Sea.
"The fair is noteworthy because Japanese companies will not be looking to sell
their products but trying to find South Korean companies that can produce the
parts and components they need," said Kim Sung-jin, head of the ministry's
components and materials department.
Mitsubishi has expressed interest in securing suppliers for 120 types of
components, including those for its refrigerators, air conditioners, elevators
and power generators, Kim said. Toyo Engineering is seeking a partner for
industrial plant exports to third countries.
The official added that the event has been buoyed by a strong yen, which has made
it cheaper for Japanese companies to buy from South Korea.
"The government hopes that the fair will help reduce South Korea's trade deficit
with its neighbor and attract more foreign direct investment that is vital for
economic growth," he said.
South Korea incurred a $32.7 billion trade deficit with Japan in 2008, caused
mostly by the Korea's reliance on key parts, components and manufacturing
machinery.
Last year, businesses from Japan poured $1.4 billion into investments here,
making the island country Korea's largest foreign investor.
Seoul has been trying to reduce the trade deficit by expanding the market
presence of Korean firms in Japan. The leaders of the two nations agreed in April
2008 to expand cooperation in the parts and components sector.
The Korea Trade-Investment Promotion Agency, Japan's Ministry of Economy, Trade
and Industry and the Japan External Trade Organization are also supporting the
fair.
SEOUL, April 16 (Yonhap) -- A large-scale industrial fair aimed at boosting exports of South Korean parts and components to Japan is expected to help secure nearly US$400 million worth of new deals, the government here said Thursday.
The two-day event will run through Friday at the Korea International Exhibition
Center, west of Seoul, drawing big names including Mitsubishi Electric, Sumitec
Co., Namekawa Keido Co. and USEN.
South Korea's Ministry of Knowledge Economy, which is sponsoring the event,
expects 59 Japanese companies will attend to hold talks with 270 local firms.
Nine memorandums of understanding are set to be signed during the fair, expanding
business tie-ups across the East Sea.
"The fair is noteworthy because Japanese companies will not be looking to sell
their products but trying to find South Korean companies that can produce the
parts and components they need," said Kim Sung-jin, head of the ministry's
components and materials department.
Mitsubishi has expressed interest in securing suppliers for 120 types of
components, including those for its refrigerators, air conditioners, elevators
and power generators, Kim said. Toyo Engineering is seeking a partner for
industrial plant exports to third countries.
The official added that the event has been buoyed by a strong yen, which has made
it cheaper for Japanese companies to buy from South Korea.
"The government hopes that the fair will help reduce South Korea's trade deficit
with its neighbor and attract more foreign direct investment that is vital for
economic growth," he said.
South Korea incurred a $32.7 billion trade deficit with Japan in 2008, caused
mostly by the Korea's reliance on key parts, components and manufacturing
machinery.
Last year, businesses from Japan poured $1.4 billion into investments here,
making the island country Korea's largest foreign investor.
Seoul has been trying to reduce the trade deficit by expanding the market
presence of Korean firms in Japan. The leaders of the two nations agreed in April
2008 to expand cooperation in the parts and components sector.
The Korea Trade-Investment Promotion Agency, Japan's Ministry of Economy, Trade
and Industry and the Japan External Trade Organization are also supporting the
fair.
