Japan’s Toray Industries and a semiconductor material company confirmed investments totaling approximately $120 million in South Korea during industry minister Ahn Duk-geun’s visit to Japan, according to South Korea’s Ministry of Trade, Industry and Energy (MOTIE). Toray plans to expand its advanced materials production in South Korea, with a new aramid fiber manufacturing facility set for completion in 2025.

Ahn also met with a Japanese chemical company representative to discuss cooperation on anode material manufacturing investments, stressing the importance of domestic production for supply chain stability. Additionally, Ahn visited semiconductor equipment company Tokyo Electron Ltd. and chaired the “Japan Market Export Promotion Meeting” to explore ways to increase exports to Japan with various South Korean companies.