S. Korea's biz lobby group chief calls for stronger economic ties with Japan

The head of Korea's largest business lobby group, Chey Tae-won, emphasized the importance of strengthening economic ties with Japan on Monday. Speaking at a joint meeting with his Japanese counterpart in Sendai, Japan, Chey argued that the two nations share significant similarities that could be leveraged to expand each other's markets. He stressed that at a time of rapid global economic change, collaboration between Korea and Japan is crucial.

Korea and Japan possess comparable features in their industrial structures, markets, and technologies, Chey pointed out. He added that the strengths of one country can compensate for the weaknesses of the other. As the head of the South Korean conglomerate SK Group, which comprises chipmaker SK hynix Inc., Chey underscored the value of jointly constructing a larger market and industrial ecosystem, referring to this as "economic solidarity" between Korea and Japan.

Chey suggested several potential areas for cooperation, such as launching a pilot program that would facilitate travel between the two countries to promote cross-border business activities.