Japan to invest more to Asia

Japan to invest more to Asia

TOKYO (DPA): Japan's major trading firms said on Wednesday
that they have been investing in other Asian countries more
aggressively thanks to the recent strong trade within Asia and
the rapid growth of information technology (IT) businesses there.

Japanese companies had refrained from investing in neighboring
Asian countries after the currency crisis in Southeast Asia in
1997.

Itochu Corporation said it has decided to invest a total of 19
billion yen (US$157 million) by March 2003 in other Asian
countries.

A spokeswoman at Itochu said the money will be spent mainly
investing in IT and financial firms in Hong Kong and Taiwan. The
amount is equal to its investment to the North American region.

The Itochu official said the company will also increase local
staff in Asian region by 30 per cent to 570 by 2004.

Marubeni Corporation also said that it would increase its
staff compliment in other Asian countries to 380 people with a
purpose to expanding trade within the region - especially in
electronics parts and IT-related products.

An official at Mitsui & Co. said the company would increase
its staff by 50 to 470 and promote business in countries such as
Singapore and Thailand where there are many IT-related firms.