Although the rivalry between Japanese and South Korean companies has intensified, they are increasingly cooperating in ventures abroad to prevent Chinese competitors from getting too far ahead. Read the article in Asahi here:
Tokyo and Seoul are also providing support to such ventures in terms of official development assistance and investment.
On Thursday, South Korean steelmaker Posco announced a joint investment plan in CBMM, a Brazilian rare metals mining company. The other partners are major Japanese steelmakers, such as Nippon Steel Corp. and JFE Steel Corp., trading company Sojitz Corp., as well as government-affiliated institutions from Japan and South Korea.