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2 Japanese firms pledge to invest combined $120 mil. in Korea

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Industry Minister Ahn Duk-geun, right, meets Akihiro Nikkaku, the president of Toray Industries, in Seoul, April 19, provided by the Ministry of Trade, Industry and Energy. Yonhap

Industry Minister Ahn Duk-geun, right, meets Akihiro Nikkaku, the president of Toray Industries, in Seoul, April 19, provided by the Ministry of Trade, Industry and Energy. Yonhap

Two Japanese companies have pledged to invest a combined $120 million in Korea, Seoul's industry ministry said Monday.

The pledges were made as 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, 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 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. (Yonhap)