KITA creates Korea-Japan trade committee to foster 'economic synergy'

Economy

Published: 07 Feb. 2024, 18:18

KITA creates Korea-Japan trade committee to foster 'economic synergy'

Members of the Korea International Trade Association (KITA)'s Special Committee on ROK-Japan Cooperation pose for a photo at the establishment ceremony at the Grand InterContinental Hotel in Gangnam District, southern Seoul on Wednesday, with the committee’s chair and Hyosung Group Chairman Cho Hyun-joon, third from left, and KITA Chairman Koo Ja-yeol, fourth from the left, in the front row. [KITA]

The Korea International Trade Association (KITA) inaugurated a Korea-Japan cooperation committee on Wednesday, aimed at facilitating economic and trade collaboration between the two countries in the private sector.

Named the Special Committee on ROK-Japan Cooperation, it will serve as a platform for facilitating collaboration between Korean and Japanese corporations. It will utilize a communication channel with the Japan-South Korea exchange subcommittee under the Japan Association of Corporate Executives, according to KITA. The committee's mandate includes overseeing the association’s projects and businesses related to Japan.

“Japan is Korea’s partner that can create economic synergy together, even though the country is seen as our rival in the global industry,” KITA Chairman Koo Ja-yeol said during the committee's launch ceremony held at Grand InterContinental Hotel in southern Seoul on Wednesday.

“The committee will serve as the bridge connecting businesspeople in two countries, enabling them to share knowledge and communicate better for a fast-paced society in the future.”

Koo promised to expand the scope and deepen the intensity of bilateral cooperation.

Hyosung CEO and Chairman Cho Hyun-joon and OCI Holdings Chairman Lee Woo-hyun were named the committee chairs.

“The committee consists of executives from startups in the field of AI and biotechnology and those managing regionally renowned companies,” Koo said.

KITA expects the committee to play a pivotal role in strengthening economic cooperation between the two countries. The association will propel private sector exchange programs promptly by utilizing the bilateral network that has been built over decades.

The trade association plans to host the “Korea-Japan New Industry & Trade Conference” in Tokyo in March, aiming at strengthening ties between entrepreneurs in both countries. It will also run information sessions or seminars with industry professionals.

To drive sales of Korean products in the Japanese market, the association will host the “2024 Tokyo K-product Premium Consumer Goods” trade fair in May.

KITA will also designate Japan as a guest of honor at “NextRise,” Korea’s largest startup fair, to facilitate exchanges and cooperation between the two countries’ startups.

In December, the association and the Japan Association of Corporate Executives will jointly host an open innovation summit for corporate venture capital investors and startups in Korea and Japan to foster a startup ecosystem.

BY LEE SOO-JUNG [lee.soojung1@joongang.co.kr]