South Korean companies will seek business opportunities in Japan's mega infrastructure project ahead of the Tokyo Olympics in 2020, a state trade agency said Tuesday.

In a 10.7 trillion-yen ($98.4 billion) project, Japan started building stadiums late last month, and plans to upgrade hotels and other existing facilities before the Summer Olympic Games that begin in July 2020, the Korea Trade-Investment Promotion Agency said in a statement.

In a meeting arranged by KOTRA in Tokyo on Tuesday, 45 South Korean companies discussed possible ties with 80 multinational firms operating in Japan in the construction project, the statement said.

Moreover, Korean companies will also seek opportunities to sell electricity in Japan, which has allowed its power suppliers to import electricity since April 2016.

Japan has suffered sharply increased fuel costs as it became less dependent on nuclear power plants following the devastating earthquake and tsunami that hit northeastern Japan in March 2011. (Yonhap)