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.