Businesses meet with Kishida, lay groundwork for cooperation

Economy

Published: 08 May. 2023, 18:43 Updated: 08 May. 2023, 20:10

Businesses meet with Kishida, lay groundwork for cooperation

Business leaders and foreign envoys pose for a photo after a meeting with Japanese Prime Minister Fumio Kishida, sixth from left, at the Lotte Hotel in central Seoul on Monday. From left: Japanese Ambassador to Korea Koichi Aiboshi; Japan’s Deputy Chief Cabinet Secretary Seiji Kihara; the Federation of Middle Market Enterprises of Korea Chairman Choi Jin-shik; the Korea International Trade Association Chairman Koo Ja-yeol; the Korea Enterprises Federation Chairman Sohn Kyung-shik; Japanese Prime Minister Fumio Kishida; the Federation of Korean Industries Chairman Kim Byong-joon; the Korea Chamber of Commerce and Industry Chairman Chey Tae-won; the Korea Federation of SMEs Chairman Kim Ki-moon; the Korea-Japan Economic Association Chairman Kim Yoon [THE FEDERATION OF KOREAN INDUSTRIES]

Japanese Prime Minister Fumio Kishida explored ways to further economic cooperation and supply chain management in a meeting with the heads of Korea's major business lobbying groups on Monday.

The discussions, however, were more about the thawing of relations, strained from 2019 through the beginning of this year, instead of about forming actual alliances in specific segments, like semiconductors, according to SK Inc. Chairman Chey Tae-won, who heads the Korea Chamber of Commerce and Industry (KCCI).

When asked if any agreement over semiconductors was reached between the two countries, Chey answered that they "did not go into specifics such as about batteries and semiconductors."

Still, the business association leaders celebrated the meeting as symbolizing the new chapter being pursued by corporate players from both countries.

The closed-door session lasted for about 50 minutes from 10 a.m. Monday, on the second day of Kishida's two-day working visit to Korea.

"A new milestone has been set in bilateral relations between Korea and Japan through two summits held between the two countries," LS Group Chairman Koo Ja-yeol, who chairs the Korea International Trade Association (KITA), said in the keynote speech.

Business chiefs told media that the overall atmosphere of the session was "positive," with the participants in agreement over strengthening economic cooperation between two countries over global supply chains.

Seven business chiefs were: Community Chest of Korea Chairman Kim Byong-joon, the head of the Federation of Korean Industries; SK Inc. Chairman Chey; CJ Chairman Sohn Kyung-shik, who chairs the Korea Enterprises Federation; J.Estina Chairman Kim Ki-moon, who chairs the Korea Federation of SMEs (KBIZ); Simpac Holdings Chairman Choi Jin-shik, who chairs the Federation of Middle Market Enterprises of Korea; and Kim Yoon, chairman of Samyang Holdings, who is heading the Korea-Japan Economic Association, also participated in the session.

Kishida and business heads reportedly discussed strengthening partnerships in sectors such as energy and minerals to respond to a new trading and economic environment.

Regarding the "future partnership funds" formed between FKI and Japan Business Federation, or Keidanren, in March, the FKI head said that he "will be the co-head of the fund, and we are in the process of recruiting two more committee members."

The fund will be used for joint business and research projects, including those in energy and raw materials, as well as promoting people-to-people exchanges between the two countries.

Koo noted the need for "cooperation for co-development of materials and securing supply chains in a stage where economic security is at its uttermost importance."

"We need to work together to develop new technologies in energy such as hydrogen as well as enter new markets through cooperation in production and supply."

Kishida wrapped up his visit after the session and returned to Japan later Monday.

Koo will head to Japan on the same day to meet with Japanese politicians and financiers and host seminars until Thursday to strengthen economic ties.

KCCI will host an online conference with Kansai Economic Federation at the end of the month and will continue meeting with the Japan Chamber of Commerce and Industry in six years on June 9.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]