Korea and Japan Firms Forge Economic Security Partnership
The business communities of South Korea and Japan will seek to identify new growth drivers by combining their industrial capabilities to address shared challenges, including changes in the trade environment and instability in energy supply chains.The Federation of Korean Industries and the Japan Bus
The business communities of South Korea and Japan united to forge an economic security partnership at the 33rd Korea-Japan Business Conference. Held on October 23 at the FKI Tower Conference Center in Seoul, the conference aimed to address shared challenges and build a lasting partnership for the next 60 years.
Chairman Ryu Jin of the Federation of Korean Industries emphasized the need to combine their strengths to develop new industries and markets. Three key areas of cooperation were identified: international norms and economic security, supply chains and energy security, and common social problems like low birthrates and regional depopulation.
Japanese Federation Chairman Tsutsui Yoshinobu stressed the importance of expanding a free and open trade environment, calling for reform of the World Trade Organization and deeper multilateral economic partnership agreements. In energy, participants discussed ways to stabilize supply and demand, including a liquefied natural gas exchange plan and hydrogen industry cooperation.
Both countries agreed on the need for a joint response to trade issues in the United States and the European Union, planning to restart the "Korea-U.S.-Japan Business Dialogue" and establish a system to relay their joint position to the U.S. government. To tackle their demographic crises, they proposed fostering regional industries and reviving the "Korea-Japan Startup Cooperation Forum" to boost investment opportunities.
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