S. Korean, Japanese biz leaders discuss economic cooperation, exchanges

Business leaders of South Korea and Japan met in Seoul on Friday and discussed ways to boost cooperation and exchanges for a stronger business partnership amid a recent thaw in their diplomatic ties, Seoul’s industry ministry said.

The discussions were made during a meeting hosted by South Korea’s Federation of Korean Industries and the Japan Association of Corporate Executives, also known as Keizai Doyukai, according to the Ministry of Trade, Industry and Energy.

The meeting brought together some 20 senior corporate officials from the two nations, including Hyundai Motor Group Executive Chair Euisun Chung; Lotte Group Chairman Shin Dong-bin; Koo Ja-yeol, chair of the Korea International Trade Association; Takeshi Niinami, chairman of Keizai Doyukai; and Genichi Tamatsuka, chief of Japan’s Lotte Holdings Co., it added.

“Relations between the two nations have been fully restored following a series of summit talks in recent months,” Industry Minister Lee Chang-yang said in a congratulatory message.

“Business leaders will be able to play a key role in accelerating economic cooperation on semiconductors and other advanced industries, joint responses to climate change and major global issues, and the joint advance into a new market,” he added, vowing active government support.

The Seoul-Tokyo ties have significantly improved since the South Korean government in March offered to compensate victims of colonial Japan’s forced labor policy without contributions from the accused Japanese companies, a decision hailed by Tokyo that led to the first summit between President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida.

The two leaders have held three additional rounds of talks and vowed to redouble efforts to improve their economic and security ties.

Following the March decision, Japan lifted export curbs against South Korea and the two governments put each other back on their respective white lists of trusted trade partners.