86 Domestic Companies Participate in 'Global Partnering' Event
[Asia Economy Reporter Moon Chaeseok] As Korea-Japan relations gradually improve, KOTRA is providing opportunities for domestic materials, parts, and equipment companies to enter the Japanese market.
On the 26th, KOTRA announced that it will hold the '2022 Global Partnering (GP) JAPAN·OSAKA' in Tokyo and Osaka, Japan. GP Japan will be held from the 27th, and GP Osaka will run from the 30th until the 15th of next month. The GP project is a program where KOTRA's overseas trade offices identify procurement demands from global buyers and match them with domestic companies, offering opportunities for materials, parts, and equipment companies to expand overseas.
According to the Japan Machine Tool Builders' Association, machine tool orders in Japan for May increased by 23.7% compared to the same month last year, marking 19 consecutive months of growth, indicating strong demand. Recently, 'digital transformation' has become a key topic. In line with the global 'decarbonization' trend, Japan announced plans to reduce greenhouse gas emissions by 46% by 2030 compared to 2013 levels. KOTRA explained that in response to these changes, it planned the 'GP Japan·Osaka' project to capture new demand in sectors such as industrial and construction machinery forgings, electrification in future mobility and factory automation, and electric power equipment.
The project consists of online seminars and one-on-one video consultations. The online seminar on the 29th will explain Japan's carbon neutrality policy trends, decarbonization in the automotive industry, factory automation, and other changes in the Japanese materials, parts, and equipment market, while presenting industry-specific opportunity factors. From the 27th, 86 Korean companies discovered through collaboration with the National Foundation Industry Promotion Center, Korea Robot Industry Association, Korea Electric Power Corporation, and Korea South-East Power will participate in the consultation sessions. Among Japanese buyers, over 50 companies including Jatco, an automotive parts company affiliated with Nissan, Shinsho Corporation, a major trading company in steel and non-ferrous metals, and Kansai Electric Power will participate, conducting more than 90 consultations with Korean companies.
A procurement officer from Shinsho Corporation said, "Korean parts are competitive considering quality, transportation costs, and stable procurement," adding, "With many management variables related to the global supply chain, purchasing from multiple suppliers has become standard, and buying Korean products is considered a stable choice." A procurement official from a Japanese electric power company participating in GP Osaka also said, "As the COVID-19 situation stabilizes, overseas supply source discovery and purchasing activities by major Japanese companies are becoming active again," and added, "We want to build long-term cooperative relationships with Korean companies through the GP project."
Kim Samsik, head of KOTRA's Japan regional headquarters, said, "Japanese companies are repairing aging systems and actively investing in facilities for digitalization and decarbonization to secure new growth engines," emphasizing, "It is important to actively discover demand from Japanese companies in the materials, parts, and equipment sector and expand cooperation between the two countries."
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