'2024 Korea-Japan Parts & Materials Partnering Plaza' held in Osaka for two days from April 24th

Held in collaboration with KEPCO, local governments and related organizations… 47 Korean companies in power and parts & materials sectors participated

Following the summit shuttle diplomacy, bilateral economic cooperation in the new energy sector has been further expanded

https://seenthis.kr/newspage/2345⁠⁠⁠⁠⁠⁠⁠

The Ministry of Trade, Industry and Energy (Minister Ahn Duk-geun) and KOTRA (President Yoo Jung-yeol) held the '2024 Korea-Japan Parts & Materials Partnering Plaza' in Osaka, Japan, for two days from April 24th. This is in line with the goal of expanding economic cooperation and achieving substantial exports, following the resumption of shuttle diplomacy between the two leaders last year.

This event, which was organized to support the entry of Korean companies into Japan's power, energy and parts & materials value chains, was attended by 47 promising export companies in related fields. The event consisted of △Japan's decarbonization market entry strategy seminar △industry-specific export counseling sessions △Korea-Japan business partnering counseling sessions. In particular, this year, the event was held in collaboration with power companies and local governments, including Korea Electric Power Corporation, Korea Southern Power, Korea Western Power, North Gyeongsang Province, and Dong-gu, Incheon, to maximize results.

At the 'Japan Decarbonization Market Entry Strategy Seminar' held on the 24th, local energy industry experts gave presentations on the status of Japan's carbon neutrality and future tasks. In addition, a procurement official from Kawasaki Heavy Industries, a global company, was invited to introduce the green energy supply chain building project.

Following this, on the 25th, about 80 buyers participated in industry-specific export counseling sessions for power, energy, parts & materials, and approximately 250 counseling sessions were held. In particular, JERA, Japan's largest power company, Kansai Electric Power, and other major Japanese power companies, as well as major steel and plant companies such as JFE Engineering, participated in large numbers, showing keen interest in Korean products. At the promising power buyer booth set up at the counseling site, procurement officials from each power company met with our companies directly to discuss procurement items and cooperation plans.

In particular, Dong-in Engineering, a partner company of Korea Southern Power, will begin working on a project to replace insulation materials at a large steel mill in Japan on the occasion of this event. This is the result of recognizing the excellence of insulation materials that are easy to detach and reuse. Dong-in Engineering also signed a tripartite business agreement worth $1.5 million on site with K, a major steel company in Japan, and Y, its dedicated vendor.

In addition, KOTRA also held a 'Korea-Japan Business Partnering Counseling Session' in collaboration with the Osaka Chamber of Commerce and Industry, a representative economic organization in the Kansai region, on the 25th. POSCO International Japan, along with Korean conglomerates' Japanese subsidiaries, participated to find local suppliers. This first attempt at two-way export and import counseling is expected to serve as a stepping stone in strengthening bilateral business cooperation.

The Japanese government and industry are actively seeking global cooperative partners to solve green transformation and securing stability of raw materials. Korea is a stable supplier with price competitiveness and emergency response capabilities, and local demand for Korean companies is expected to continue for the time being. In particular, infrastructure projects related to increasing the proportion of renewable energy, building next-generation power grids, and improving aging power plants are promising areas for Korean companies to participate in.

“Japan, which ranks 5th in terms of Korea’s power equipment exports as of last year, will continue to be an important market for our companies,” said Jung-Young Jeong, head of KOTRA's Innovative Growth Division. “We will develop various support measures to strengthen bilateral cooperation by taking advantage of the changes taking place in Japan's overall industry, including decarbonization and renewable energy transition.”

Website: http://www.kotra.or.kr

Contact
KOTRA
Infrastructure & Energy Industry Team
Hong Doo-young, Team Leader
02-3460-7481