South Korea plans tech park for Japanese companies

A senior South Korean government policymaker has revealed early this week that the country will set up a specialized park for Japanese high-tech parts and materials manufacturers.

According to a Korea.net report, Knowledge Economy Minister Lee Youn-ho, speaking at the Korean Investment Forum in Tokyo, announced that the park aims to attract Japanese firms and help reduce Korea's trade deficit with its neighbor.

"The industrial park would create a beneficial combination, mixing Japanese technology expertise and Korean prowess in manufacturing,"Korea.net quoted the minister saying.

It is reported that about $150 million was set aside for the said project, and that Japanese companies such as Sonix and Asahi Glass have signed memorandums of understanding to invest in South Korea.