Biz leaders of Korea, Japan call for deeper ties to navigate global uncertainties

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won speaks during the 14th Korea-Japan Chamber of Commerce and Industry Meeting in Seogwipo, Jeju Island, Monday. Courtesy of KCCI

SEOGWIPO, Jeju Island — Business leaders of Korea and Japan explored the idea of economic solidarity between the two countries as a paradigm aimed at addressing common challenges that their economies are facing.

The Korea Chamber of Commerce and Industry (KCCI) and the Japan Chamber of Commerce and Industry (JCCI) jointly held their 14th Korea-Japan Chamber of Commerce and Industry Meeting in Seogwipo on Jeju Island, Monday.

“Korea and Japan are facing common challenges at home and abroad,” KCCI Chairman Chey Tae-won said. “Externally, we must respond to the rapidly changing global trade environment and the intensifying competition in advanced technologies, while internally we are faced with structural issues such as low birthrates, aging populations and the decline of regional communities.”

Noting that this year marks the 60th anniversary of the normalization of diplomatic ties between the two countries, Chey said it is time for Seoul and Tokyo to move beyond cooperation and design the future together through economic solidarity to address these challenges.

“For the mutual cooperation to move beyond words and lead to tangible outcomes, we must work together to identify specific areas where progress can be made,” he said. “We need the courage to gather ideas and put them into action.”

Participants listen to Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won's speech during the 14th Korea-Japan Chamber of Commerce and Industry Meeting in Seogwipo, Jeju Island, Monday. Courtesy of KCCI

From the Korean side, a total of 16 business leaders attended the leadership meeting, including Chey, Busan chamber Chairman Yang Jae-saeng, Daegu chamber Chairwoman Park Yoon-kyung, Incheon chamber Chairman Park Joo-bong, SK Inc. Vice Chairman Lee Hyung-hee and Samsung Electronics President Park Seung-hee.

From the Japanese side, six leaders joined the meeting, including JCCI Chairman Ken Kobayashi, Yokohama chamber chairman Takashi Ueno, Kobe chamber chairman Hiroya Kawasaki and Sendai chamber Chairman Saburosuke Fujisaki.

During the meeting, the chambers adopted a joint statement. They agreed to work together to address the structural challenges shared by the two countries through cooperation in future-oriented fields, such as artificial intelligence (AI), joint responses to low birthrates and aging populations and expanded cultural exchanges.

The two sides shared the view that AI, semiconductors, energy and other future-facing sectors will be pivotal in determining the competitiveness of both countries. Based on this shared understanding, they agreed to work together to establish a stable investment environment and joint supply chains, while cooperating to uphold a free and open global economic order.

The leaders also identified low birthrates and aging populations as common challenges faced by both countries, emphasizing the need to strengthen cooperation in seeking solutions. With the two governments already engaging in related consultations, the leaders agreed that the private sector will discuss practical cooperation measures by sharing policy and research experiences.

“For example, Korea and Japan can jointly purchase energy to address their heavy reliance on energy imports,” Chey said. “And by sharing medical systems to respond to low birthrates and aging populations, the two countries could reduce economic and social costs.”

They also noted that direct flights between the two countries have increased, leading to a rise in cross-border visits. Building on this trend, the chambers agreed to expand exchanges in various fields, including business, tourism and culture.

Last year, a record high of 8.82 million Koreans visited Japan. During the same period, 3.32 million Japanese travelers visited Korea, making it the second most visited destination for Japanese tourists.

“During a previous leadership meeting, there was an idea that we should develop tourism programs that allow travelers to visit Korea and Japan in a single trip,” Chey said. “However, little progress has been made since then, and it is time for both sides to move forward. If more foreign tourists come to both countries through such joint travel packages, it would benefit both economies.”

Chey told reporters that the business communities of Korea and Japan should treat next year "as if it is the first year of their cooperation," but what matters most is "turning ideas into concrete action." In terms of tourism, he suggested setting up a discussion platform that brings together the two countries’ commerce chambers and business groups to explore the development of joint travel programs.

Japan Chamber of Commerce and Industry Chairman Ken Kobayashi speaks during the 14th Korea-Japan Chamber of Commerce and Industry Meeting in Seogwipo, Jeju Island, Monday. Courtesy of Korea Chamber of Commerce and Industry

JCCI Chairman Kobayashi said the two economies should uphold existing multilateral economic cooperation frameworks, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, stressing that maintaining a free and open international economic order is essential for sustainable growth.

“I hope today’s gathering can serve as a first step for the business communities of both countries to explore sustainable solutions together,” Kobayashi said. “Ultimately, I hope relations between Korea and Japan will shift from a framework of competition to one of cooperation.”

Experts speak during a panel discussion for the 14th Korea-Japan Chamber of Commerce and Industry Meeting at The Shilla Jeju in Seogwipo, Jeju Island, Monday. From left are Waseda University professor Baak Saang-joon, Hankuk University of Foreign Studies professor Lee Ji-pyeong, Special Advisor to the Japanese Cabinet Shiro Yamasaki, Japan Center for Economic Research Lead Economist Atsushi Ijuin and Nomura Research Institute Seoul CEO Yoo Hyuk. Korea Times photo by Nam Hyun-woo

During a panel discussion, Waseda University professor Baak Saang-joon, Hankuk University of Foreign Studies professor Lee Ji-pyeong, Nomura Research Institute Seoul CEO Yoo Hyuk, Special Advisor to the Japanese Cabinet Shiro Yamasaki and Japan Center for Economic Research Lead Economist Atsushi Ijuin explored ways to elevate the two countries’ cooperation to the level of economic solidarity.

The experts said that Korea and Japan are facing new challenges that cannot be addressed through traditional approaches, and that the two countries should shift their strategic focus from being "rule takers" who follow existing standards to becoming "rule setters." They noted that stronger economic solidarity between the two countries could enable them to expand their presence as a joint market.