Japan's Toray and others confirm $120 million investment in Korea... to invest in electric vehicle and semiconductor manufacturing facilities

Japanese company Toray and semiconductor core materials company A have decided to invest $120 million in South Korea.

The Ministry of Trade, Industry and Energy announced that during Minister An Deok-geun's visit to Japan, on the afternoon of the 22nd in Tokyo, Toray and semiconductor core materials company A confirmed a total investment of $120 million and submitted an investment notification.

Toray, the largest investor in the manufacturing sector among Japanese companies, has been operating in South Korea since 1963, before the establishment of diplomatic relations between Korea and Japan, investing more than 5 trillion won and continuously expanding its business. It produces high-performance advanced materials such as carbon fiber, known as the dream material, super engineering plastics, aramid fiber, and separators for secondary batteries. Toray plans a large-scale investment in South Korea to expand its business, including production line expansion, by 2025. It will continue to increase its investment in the future. The aramid fiber manufacturing facility reported on this day is scheduled to be completed in 2025, and will produce high-heat-resistant meta-aramid fiber used in electric vehicle drive motors.

Minister Andeok Geun of the Ministry of Trade, Industry and Energy (left) is taking a commemorative photo on the 22nd at the Imperial Hotel in Tokyo, Japan, after receiving an investment notification form from Masao Hirai, Vice President of Toray, regarding Toray's investment to expand the aramid fiber manufacturing facility in Gumi, Gyeongbuk.

Following the investment notification ceremony, Minister An met with a leading Japanese chemical company to discuss cooperation plans for investment in an anode material manufacturing facility. At this meeting, Minister An emphasized, "Securing domestic production facilities for anode materials, which have a high dependence on foreign sources, will greatly help stabilize the supply chain," and added, "The government will provide full support to ensure that the anode material investment project, pursued jointly with domestic companies, proceeds without any setbacks." Afterwards, Minister An visited Tokyo Electron, a global semiconductor equipment company, and held talks with CEO Toshiki Kawai.

Also on the afternoon of the same day, Minister An chaired the 'Japan Market Export Promotion Meeting,' listening to the voices of various Korean companies operating in Japan, including SK Hynix, Korean Air, POSCO, LG Electronics, Nongshim, Kolon Industries, LS Electric, and KEPCO, and discussed ways to expand exports to the Japanese market. Minister An stated, "Japan is one of South Korea's top four trading partners and a key partner for supply chain cooperation, where our companies play a very important role," and added, "To expand exports to the Japanese market, the government will provide tailored support and continuously promote communication and cooperation between the governments of Korea and Japan."

In response, the attending Korean business representatives expressed their determination to do their best locally to expand exports to the Japanese market by leveraging new business opportunities such as digital and green transitions, based on expanded cooperation in the industrial and energy sectors between Korea and Japan.