KCCI chairman calls for economic partnership in meeting with Japanese PM

Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won, left, poses with Japanese Prime Minister Shigeru Ishiba at the prime minister's residence in Tokyo, Tuesday. Courtesy of KCCI

Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won called for an expanded economic partnership between Seoul and Tokyo during his meeting Tuesday with Japanese Prime Minister Shigeru Ishiba.

According to the KCCI, Chey visited Ishiba at the prime minister's residence in Tokyo as part of his trip to Japan for the Nikkei Forum happening on Thursday and Friday.

The meeting was arranged to discuss the necessity of expanding economic cooperation between Korea and Japan on the occasion of the 60th anniversary of the normalization of diplomatic ties between the two countries.

Along with Chey, KCCI Executive Vice Chairman Park Il-joon and SK Group’s SUPEX Council President Lee Hyung-hee joined the meeting.

“At a time when both Korea and Japan are facing challenges stemming from the rising protectionism across the world, including the reciprocal tariffs by the United States, there is a growing need to expand economic cooperation and strengthen collaboration between our two countries,” Chey was quoted as saying.

The KCCI said Chey asked Ishiba for the Japanese government’s support for businesses of both countries, as well as requesting the prime minister’s thoughts on the Asia-Pacific Economic Cooperation (APEC) CEO Summit, which the KCCI will host on the sidelines of the APEC summit in Korea in October.

Chey’s visit came amid his repeated calls for a stronger economic partnership between Seoul and Tokyo. Since first floating the idea earlier this year, Chey has been emphasizing that Korea should build an interconnected economic partnership with countries that share similar economic structures, specifying Japan as a key partner with which Korea should pursue a single-market model similar to that of the European Union.

He has been reiterating this view during KCCI policy recommendation talks with Korea’s presidential candidates this month, drawing positive responses from leading candidates.

Later that day, Chey also visited the Japan Chamber of Commerce and Industry to meet with its chairman, Ken Kobayashi. The two discussed ways to strengthen cooperation between the Korean and Japanese chambers of commerce, including the Korea-Japan chamber chairmen’s meeting scheduled to take place in Korea later this year.

Though SK Group declined to disclose details of Chey’s trip to Japan, industry officials assume that the chairman explored opportunities for expanding SK Group’s various businesses in Japan.

According to their financial reports, the group’s holding firm SK Inc. and energy firm, SK Innovation, each acquired 24.9 percent of shares in SK Telecom’s Japanese entity, which prompted speculations that the telecom unit is expanding its artificial intelligence business in Japan.