Japanese firms aim to procure parts from S.Korea

Japanese manufacturers attending a trade fair in South Korea's capital are discussing procurement of cheap parts and materials from the country amid the prolonged appreciation of the yen.

The 2-day event organized by the 2 countries' governments and others started at a hotel in Seoul on Wednesday.

Twenty-two Japanese firms including electronics and auto makers are taking part in the fair. The firms are working to procure parts and materials from overseas to take advantage of the strong yen.

Many firms are eyeing South Korea for such procurement, as the yen's value has risen by about 10 percent against the country's currency, the won, in the past 6 months.

More than 100 South Korean companies are taking part in the fair, aiming to increase exports to Japan on the back of the yen's appreciation.

A representative of a South Korean company said it has never done business with Japanese firms before, but has gained competitiveness due to the strong yen and expects good relations with the Japanese side.

2010/09/29 20:28(JST)
(JST: UTC+9hrs.)