Business leaders from Korea, Japan meet to bolster bilateral ties

The Korea Times

The Korea Times

Business

Tue, September 26, 2023 | 09:30

Companies

Business leaders from Korea, Japan meet to bolster bilateral ties

Posted : 2023-03-17 16:58

Updated : 2023-03-17 17:06

President Yoon Suk Yeol delivers an opening speech during the Korea-Japan Business Round Table held at the Japan Business Federation's (Keidanren's) building in Tokyo, Friday. Federation of Korean Industries (FKI) Acting Chairman Kim Byong-joon, left, and Keidanren Chairman Masakazu Tokura, right, also attended the meeting. Yonhap

Yoon calls for stronger cooperation in high-tech industries

By Baek Byung-yeul

The business communities of Korea and Japan agreed to strengthen bilateral economic cooperation a day after President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida held a summit, Thursday, they said during their meeting in Tokyo, Friday.

On the occasion of President Yoon's two-day visit to Japan, business leaders from major companies of the two countries and business lobby groups including the Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren) had a business round table meeting at Keidanren's building in Tokyo.

During the meeting, Yoon said he agreed with Kishida on bolstering bilateral economic cooperation and said the two will cooperate for the joint economic development of the two neighboring countries.

"The two governments will spare no support to help business leaders from the two countries exchange freely and create innovative business opportunities," Yoon said during his opening speech. "Korea and Japan will jointly cooperate and respond to various global agendas such as supply chains, climate change, advanced science and technology and economic security."

Political divide intensifies in Korea over Yoon-Kishida summit

2023-03-18 20:53 | Foreign Affairs

ANALYSISToo early to hail success of Korea-Japan summit

2023-03-17 16:31 | Foreign Affairs

Yoon, Kishida build mutual trust by sharing drinks after summit

2023-03-17 16:56 | Politics

He added, "I think there is a lot of room for cooperation between the two nations in future high-tech industries such as digital transformation, semiconductors, batteries and electric vehicles."

Leaders of Korea's top conglomerates attend Korea-Japan Business Round Table held at the Japan Business Federation's (Keidanren's) building in Tokyo, Friday. From left in the front row are Lotte Group Chairman Shin Dong-bin, LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Chung Euisun, SK Group Chairman Chey Tae-won, and Samsung Electronics Chairman Lee Jae-yong. Yonhap

For the Korean side, the round table meeting featured chiefs of the nation's top five conglomerates. They are Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin.

Also joining the meeting were FKI Acting Chairman Kim Byong-joon and business leaders including Samyang Holdings Chairman Kim Yoon, Kolon Group Honorary Chairman Lee Woong-yeul, Poongsan Chairman Ryu Jin and Hyosung Chairman Cho Hyun-joon.

Eleven business leaders attended the meeting from the Japanese side including Keidanren Chairman and Sumitomo Chemical Chairman Masakazu Tokura and Mitsui & Co. CEO Tatsuo Yasunaga.

A day before the meeting, the two business lobbies announced they would establish two "future partnership funds," one in each country, for bilateral cooperation in a wide range of sectors including joint research on global issues and youth exchange programs.

Regarding the funds, the FKI acting chairman said, "The two business communities will expand their economic exchanges in various fields such as expanding mutual investment, joint response to resource nationalism, cooperation in building global supply chains, normalization of personnel exchanges, joint expansion of third countries and cooperation in new industries."

The Keidanren chairman also said, "There are many tasks that Korea and Japan have to do together in terms of industry and it is essential that the two share their wisdom and strengthen cooperation."

Samsung Chairman Lee also revealed he will support the joint response to restructuring global supply chains. "The more friends the better, and the fewer enemies the better," he said.

baekby@koreatimes.co.kr