The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    INTERVIEWAhn Hyo-seop wanted to share dedicated love with 'A Time Called You'

  • 3

    Distraught roller skater apologizes for costly premature celebration

  • 5

    S. Korea wins 1st table tennis gold in 21 yrs

  • 7

    Heavy traffic jams mostly eased on 5th day of holiday

  • 9

    Consumers to face higher prices for daily necessities after Chuseok

  • 11

    Samsung chief visits Middle East to explore new businesses

  • 13

    Korea picks up 2 medals in table tennis as gold drought continues

  • 15

    Ruling party vows to investigate China's alleged influence operations

  • 17

    Shin-Hanul No. 2 nuclear reactor begins testing for full operation next year

  • 19

    Internet-only banks outperform legacy lenders in labor productivity

  • 2

    Korea's Coast Guard apprehends 22 Chinese after illegal entry attempt

  • 4

    SHINee launches first Japan tour in 5 years

  • 6

    Korea makes last-ditch bid to host World Expo 2030 in Busan

  • 8

    Public transit fares to increase in Seoul and Busan this week

  • 10

    LA-based photographer captures Koreatown unfazed by pandemic

  • 12

    No regrets for roller skaters after taking silver in relay

  • 14

    National Assembly speeds up efforts to outlaw dog meat consumption in Korea

  • 16

    'Dr. Cheon and Lost Talisman' tops Chuseok holiday box office

  • 18

    Genesis GV80 Coupe looks to compete with Mercedes-Benz, BMW

  • 20

    4 injured in rockfall at tourist attraction on eastern island of Ulleung

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Wed, October 4, 2023 | 22:57
Companies
Korea, Japan to set up 'future partnership funds' to restore ties
Posted : 2023-03-16 17:00
Updated : 2023-03-17 17:54
Kim Hyun-bin
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link


By Kim Hyun-bin

Business lobbies of Korea and Japan announced Thursday that they will establish two "future partnership funds," one in each country, to bolster bilateral cooperation in a wide array of sectors, including joint research on global issues and youth exchange programs.

The decision was jointly announced by the Federation of Korean Industries (FKI) and the Japanese Business Federation, or widely known as Keidanren, just hours before President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida held a summit for the first time in 12 years.

The two groups said they will start with 200 million yen, with each side contributing 100 million yen ($751,600) and plan to receive donations from member companies.

"The FKI and Keidanren will start the fund first," Acting FKI Chairman Kim Byong-joon said in a press conference held in Tokyo. "Participation will depend on the individual company's voluntary intention."

Kim Byong-joon, left, acting chairman of the Federation of Korean Industries (FKI), and Japan Business Federation Chairman Masakazu Tokura, announce their agreement to create the "future partnership funds" during a joint press conference in Tokyo, Thursday. Courtesy of FKI

Attention is focused on whether Mitsubishi Heavy Industries and Nippon Steel, the defendants in a 2018 ruling by Korea's Supreme Court to compensate forced laborers, will participate in the fund. Both companies are members of Keidanren.

Yoon, Kishida agree to resume 'shuttle diplomacy'
Yoon, Kishida agree to resume 'shuttle diplomacy'
2023-03-16 22:11  |  Foreign Affairs
Yoon announces 'complete normalization' of military intel-sharing pact with Japan
Yoon announces 'complete normalization' of military intel-sharing pact with Japan
2023-03-16 17:54  |  Politics
Korea withdraws WTO complaint about Japan's export curb
Korea withdraws WTO complaint about Japan's export curb
2023-03-16 16:33  |  Foreign Affairs
Yoon should not leave out historical issues in summit with Kishida: experts
Yoon should not leave out historical issues in summit with Kishida: experts
2023-03-15 16:37  |  Foreign Affairs
However, the Keidanren chairman said he was not sure if Mitsubishi Heavy Industries and Nippon Steel would participate in the fund.

"I am not aware of Mitsubishi Heavy Industries and Nippon Steel," Keidanren Chairman Masakazu Tokura said. "It depends on which projects the fund is used for."

The chairmen of both organizations jointly issued the "Korea-Japan Future Partnership Declaration."

"Through this partnership fund, both sides will study the future image and cooperation measures that Korea and Japan must advance in the new international order, carry out projects to solve common challenges facing both countries, and young talents who will be in charge of the future. We will work to further expand and strengthen economic relations between the two countries, including promoting exchanges," the declaration read.

"As the international environment changes significantly, the need is increasing for Korea and Japan, which share the universal value of democracy, to respond appropriately for regional peace and prosperity. There are many tasks that Korea and Japan must cooperate to deal with, such as joint responses to the low birth rate and resources and energy."

Under these circumstances, there is an expectation that measures to resolve the issue of forced labor will be announced by the Korean government, and exchanges in the fields of politics, economy, and culture between Korea and Japan will be strongly expanded.

Meanwhile, major chaebols including 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 will come together to enhance economic cooperation between Korea and Japan, according to industry officials, Thursday.

The FKI and Keidanren announced that they will hold the Korea-Japan Business Roundtable (BRT) in Tokyo on March 17. The BRT comes a day after Yoon's summit with Kishida in Japan, Thursday.

More than 20 major businessmen from Korea and Japan are scheduled to attend the BRT. In addition to the heads of the top five Korean conglomerates, FKI vice chairmen will also attend, including ―Samyang Holdings Chairman Kim Yoon, Kolon Group Honorary Chairman Lee Woong-yeul, Poongsan Chairman Ryu Jin, and Hyosung Chairman Cho Hyun-joon.

"At a time when Korea-Japan relations, which have been difficult, are in a mood for recovery after the announcement of a solution to the forced labor issue, the need for cooperation between the two countries' economic circles has increased. Major businessmen from Korea and Japan will gather to discuss economic cooperation and joint responses to global issues," an official from the FKI said.

The four major conglomerates, Samsung, SK, Hyundai Motors, and LG, withdrew from the FKI after a major corruption scandal in 2016 which put former President Park Geun-hey behind bars. However, the FKI made a special request for the four conglomerate chiefs to attend the meeting.

The FKI and Keidanren have been holding business meetings every year since 1982.
Emailhyunbin@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
LG
Top 10 Stories
1Public transit fares to increase in Seoul and Busan this week Public transit fares to increase in Seoul and Busan this week
2Ruling party vows to investigate China's alleged influence operations Ruling party vows to investigate China's alleged influence operations
3Genesis GV80 Coupe looks to compete with Mercedes-Benz, BMW Genesis GV80 Coupe looks to compete with Mercedes-Benz, BMW
4Korean steelmakers on alert over initiation of EU carbon border tariff Korean steelmakers on alert over initiation of EU carbon border tariff
5Korean shipbuilders seek lead over Chinese rivals in selling LNG carriers to Qatar Korean shipbuilders seek lead over Chinese rivals in selling LNG carriers to Qatar
630 out of 74 major financial companies lack female board member 30 out of 74 major financial companies lack female board member
7Hyundai, Kia to extend earnings rally on strengthening dollar, solid sales Hyundai, Kia to extend earnings rally on strengthening dollar, solid sales
8Dong-A Socio Group’s honorary chairman passes away at 96Dong-A Socio Group’s honorary chairman passes away at 96
9Lawmakers want chairmen of financial firms held accountable over misconduct Lawmakers want chairmen of financial firms held accountable over misconduct
10Returning home from Chuseok holiday Returning home from Chuseok holiday
Top 5 Entertainment News
1TREASURE takes flak for excluding Dokdo from its Japan tour map TREASURE takes flak for excluding Dokdo from its Japan tour map
2Two artists' windows to light and serenity Two artists' windows to light and serenity
3Crime thriller, romance series set to roll out in October Crime thriller, romance series set to roll out in October
4Korean literature featured as animation works at Incheon Airport Korean literature featured as animation works at Incheon Airport
5[PHOTOS] Kep1er returns with 'Magic Hour' to mesmerize fans PHOTOSKep1er returns with 'Magic Hour' to mesmerize fans
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group