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KITIA and Sumitomo Signs MOU for Facilitating Joint Ventures between Korean and Japanese Companies
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The Korea Core Industrial Technology Investment Association (KITIA) inked a memorandum of understanding (MOU) with Japan's Sumitomo Corporation Korea to facilitate joint-investment between Korean and Japanese parts and materials manufacturers.


Both sides agreed to join efforts to search Korean and Japanese companies wanting to create a joint-venture and provide them with necessary information.


If established, the joint-venture will manufacture parts and materials in Korea, utilizing Japan's advanced technology and Korean companies' production facilities and then make a foray into third countries including Japan with supports from Sumitomo.


The KITA was established based on the Act on Special Measures for the Promotion of Specialized Enterprises including Parts and Materials, which took effect on April 1, 2001.

Source Text


Source: Yonhap News (Jul. 17, 2012)


** This is the translation of a Korean article.

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