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Japanese firms asked to outsource parts from S. Korea
By Lee Joon-seung
TOKYO, June 19 (Yonhap) -- South Korea's commerce minister urged Japanese companies Tuesday to outsource parts and components from manufacturers in the neighboring country.
"South Korean companies are ideal partners for Japanese companies seeking to outsource parts and components, Commerce and Industry Minister Kim Young-ju said in a two-day Korea Business Plaza event in Tokyo. "South Korean companies produce high-quality products with price competitiveness."
Citing a recent survey by the Korea Trade-Investment Promotion Agency, Kim said that 70 percent of Japanese importers are willing to buy South Korea-made parts.
The event aims to boost exports of South Korean parts and components by arranging one-on-one meetings between South Korean manufacturers and prospective Japanese buyers.
It comes as South Korea is struggling to narrow its growing trade deficit with Japan, the bulk of which comes from the high dependence of South Korean companies on Japanese parts and components.
South Korea's trade deficit with Japan reached US$25.4 billion in 2006, compared with $24.4 billion a year earlier. The shortfall amounted to $10.1 billion in the first four months of this year alone.
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