Taipei, Nov. 6, 2012 (CENS)--Hiwin Technologies Corp. will open a branch office in Brazil to tap the Latin American market for machine tools in line with its Japanese customers, according to company chairman Y.T. Cho.
Cho pointed out that many of his company's Japanese customers are vigorously accelerating their moves to open factories or branch offices in Latin America and Southeast Asian nations as a result of the appreciation of the Japanese yen against the U.S. dollar and the escalating tension between Japan and mainland China over the ownership of several islands in East China Sea.
Japanese cand many other Japanese industries have counted on mainland China as one of their major export destinations.
Cho pointed out that Japanese machine-tool makers are enthusiastically discussing over how to escape risks from the appreciation of the Japanese yen. The ownership dispute over the islands has accelerated their exodus plans, mostly targeting at Thailand, Vietnam, Indonesia and Latin America.
Industry executives pointed out that Japan's economic recession led to a 5.1% slump orders received by the Japanese machine tool industry during the Jan.-Sept. period, with the orders valued at 945.8 billion yen (US$11.8 billion at US$1:80 yen). Toshiba Machine Co., Ltd. plans to open factories or branches in Indonesia and Brazil in a bid to increase exports.
(by Ken Liu)