Korean biz leaders to join president's trip to Japan

President Yoon Suk Yeol salutes the national flag with heads of the five largest conglomerates ― Lotte Group Chairman Shin Dong-bin, Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman Chey Tae-won, and LG Group Chairman Koo Kwang-mo ― in an event for small and medium-sized businesses held at the presidential office, Seoul, in this May 2022 file photo. Yonhap

By Lee Yeon-woo

The heads of the country's major conglomerates will accompany President Yoon Suk Yeol on his upcoming visit to Japan next week, in hopes of seeking new business opportunities and resuming economic cooperation that was virtually halted following Japan's export restrictions on key industrial materials to Korea.

The presidential office said that Yoon will travel to Tokyo for a summit with Prime Minister Fumio Kishida on March 16 and 17. Industry sources reported that a round table for business people from both countries will also take place either before or after the summit.

“We are discussing ways to arrange meetings between top Korean and Japanese business people during the visit,” an official at the presidential office said.

The details of the economic delegation have not yet been revealed. But it is known that the list will include the heads of national economic institutions, the 10 largest business groups and companies with connections to Japan.

SK Group Chairman Chey Tae-won, left, shakes hands with the United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed Al Nahyan, right, while accompanying President Yoon Suk Yeol, middle, on his visit to the UAE on Jan. 16. Yonhap

Top business people who were included in the economic delegation to the United Arab Emirates (UAE) this year are likely to participate this time too. In January, Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun and SK Group Chairman Chey Tae-won accompanied Yoon on his visit to the UAE.

There is a possibility that Lotte Chairman Shin Dong-bin and Samyang Holdings Chairman Kim Yoon, who is also the head of the Korea-Japan Economic Association, will be included in the delegation given their close ties to Japan.

There is a positive outlook on the lifting of trade restrictions on key industrial materials. In 2018, Japan restricted exports of materials vital to the semiconductor industry and removed Korea from its list of fast-track trade partners to protest a Korean Supreme Court ruling ordering Japanese companies to compensate forced labor victims.