SEOUL, June 18 (Yonhap) -- South Korean companies and regional governments were to hold a road show in Tokyo Friday to get more Japanese industrial parts manufacturers to invest in the country, officials said.
The one-day event, to be held on the sidelines of the Asia-Pacific Economic Cooperation's energy ministerial meeting, will be represented by 300 businessmen and government officials from South Korea and Japan, the Ministry of Knowledge Economy said.
It said a provisional contract worth around US$25 million is expected to be signed between Tsubakimoto Chain Co. and the Busan-Jinhae Free Economic Zone, with Cosmo Oil Co. to report $100 million in fresh investments being made in a joint venture arrangement with Hyundai Oilbank Co.
Large conglomerates such as Hyundai Motor Co., LG Display and POSCO, which buy large quantities of parts and components, are to be present to outline their future requirements along with local officials from Jeolla, Gyeongsang, Chungcheong provinces and Busan who want to attract Japanese investors.
The ministry said the road show is aimed at highlighting the future opening of special industrial parks in South Korea geared to meet Japanese companies' needs. Three parks are to be opened in the second half of this year with one more to be launched in late 2011.
Japan is the second-largest foreign investor to South Korea after the United States with $24.2 billion having been poured into the country since 1962.
The United States invested $41.8 billion during the same period, with the 27 countries in the European Union injecting $57.3 billion.
The gathering, in addition, is designed to help reduce the trade imbalance in the parts and components sector that reached $20.1 billion last year from $18.7 billion in 2007.
South Korea reported a trade surplus of $51.3 billion in 2009 in the industrial parts and components sector mainly with countries such as China.