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| ▲ This photo, provided by the government of North Jeolla Province shows a groundbreaking ceremony for a factory establishment at the Saemangeum Industrial Complex in the city of Gunsan on Feb. 21, 2023. (PHOTO NOT FOR SALE) (Yonhap) |
industry chief-Toray investment
Industry chief woos further investment from Japanese firm Toray
SEOUL, Feb. 22 (Yonhap) -- The chief of South Korea's industry ministry met the head of Japanese chemical firm Toray Industries Inc. on Wednesday to discuss ways to expand the firm's investment here and boost bilateral cooperation, the ministry said.
The meeting between Industry Minister Lee Chang-yang and company chief Akihiro Nikkaku in Seoul came after Toray held a groundbreaking ceremony on Tuesday to establish a second production factory in the western city of Gunsan worth over US$50 million.
The firm has operated production facilities in Gunsan since 2016, and the factory expansion is expected to boost its production of polyphenylene sulfide resin to over 13,000 tons per year starting 2024, the largest volume by a single firm in South Korea, according to the Ministry of Trade, Industry and Energy.
During the meeting, Lee vowed active support for the successful implementation of the investment plan and asked for further expanding investment in South Korea regarding high-strength carbon fiber, it added.
The company said that it will actively review expanding investment in South Korea for the material and continue consultations with the South Korean government on the matter.
"We will strive further to improve investment circumstances for foreign companies by easing regulations, offering greater incentives and reforming tax systems," the ministry said in a release.
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