Kishida calls for stronger Korea-Japan cooperation in global supply chains, high-tech industries

Japanese Prime Minister Fumio Kishida, fifth from right, poses with Korean business leaders at the Lotte Hotel in Seoul, Monday. From fourth from left are Korea International Trade Association (KITA) Chairman Koo Ja-yeol, Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, Kishida, Federation of Korean Industries (FKI) Acting Chairman Kim Byung-joon and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won. Courtesy of FKI

By Kim Hyun-bin

Japanese Prime Minister Fumio Kishida has asked Korean business leaders to strengthen cooperation with their Japanese counterparts in creating sustainable global supply chains and advancing chips, batteries and other strategic industries, according to the Japanese Ministry of Foreign Affairs and participants, Monday.

“It would be good if companies take the lead in cooperation between Korea and Japan,” Kishida, who came to Korea Sunday to hold a summit with President Yoon Suk Yeol, said during his meeting with heads of Korea's six major business associations at Lotte Hotel Seoul.

The participants of the meeting included Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, Federation of Korean Industries (FKI) Acting Chairman Kim Byung-joon, Korea International Trade Association (KITA) Chairman Koo Ja-yeol, Korean Enterprises Federation (KEF) Chairman Sohn Kyung-shik, Korea Federation of SMEs Chairman Kim Ki-moon and Federation of Middle Market Enterprises of Korea Chairman Choi Jin-sik. The closed-door meeting took place for about an hour.

Korean business leaders reaffirmed their willingness to strengthen bilateral economic cooperation and requested the Japanese government to actively cooperate in exchanges between Korean and Japanese companies.

Japanese Prime Minister Kishida Fumio, third from right, talks with Korean business leaders including Federation of Korean Industries (FKI) Acting Chairman Kim Byung-joon, fourth from left, at the Lotte Hotel in Seoul, Monday. Courtesy of FKI

The attendees expressed their gratitude for Kishida's visit to Korea and suggested measures to enhance bilateral economic cooperation. After the meeting, KCCI Chairman Chey met with reporters and said, “Prime Minister Kishida made many positive remarks. We discussed the importance of each country taking the lead in economic cooperation in the future.”

They also discussed the need for joint efforts by both countries regarding the restructuring of global supply chain restructurings led by the U.S.

“The atmosphere was very good. Prime Minister Kishida was very mild and cooperative, leaving a very good impression, and it seems that the relationship between Korea and Japan will be good in the future,” KEF Chairman Sohn said.

However, it was confirmed that detailed cooperation measures in areas such as semiconductors and batteries were not discussed at the meeting. In the joint press conference after the summit the previous day, President Yoon and Kishida said they agreed to strengthen cooperation between Korean semiconductor manufacturers and Japanese small and medium-sized companies to build a semiconductor supply chain.

“We talked about the basic need to enhance economic cooperation between Korea and Japan, and now that the opportunity has arisen, the government, business community and companies should work together to succeed,” FKI Acting Chairman Kim said. “We also talked about bilateral efforts to expand together into third countries, especially in mineral resources or energy sectors, and asked the Japanese government to provide a lot of support.”

KITA Chairman Koo emphasized that economic security is more important than ever in recent international trends, and called for joint efforts to pursue mutual interests through the joint development of overseas resources and cooperation in the supply chains of strategic materials.