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By Kim Hyun-bin
Business lobbies of Korea and Japan announced Thursday that they will establish two "future partnership funds," one in each country, to bolster bilateral cooperation in a wide array of sectors, including joint research on global issues and youth exchange programs.
The decision was jointly announced by the Federation of Korean Industries (FKI) and the Japanese Business Federation, or widely known as Keidanren, just hours before President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida held a summit for the first time in 12 years.
The two groups said they will start with 200 million yen, with each side contributing 100 million yen ($751,600) and plan to receive donations from member companies.
"The FKI and Keidanren will start the fund first," Acting FKI Chairman Kim Byong-joon said in a press conference held in Tokyo. "Participation will depend on the individual company's voluntary intention."
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| Kim Byong-joon, left, acting chairman of the Federation of Korean Industries (FKI), and Japan Business Federation Chairman Masakazu Tokura, announce their agreement to create the "future partnership funds" during a joint press conference in Tokyo, Thursday. Courtesy of FKI |
Attention is focused on whether Mitsubishi Heavy Industries and Nippon Steel, the defendants in a 2018 ruling by Korea's Supreme Court to compensate forced laborers, will participate in the fund. Both companies are members of Keidanren.
However, the Keidanren chairman said he was not sure if Mitsubishi Heavy Industries and Nippon Steel would participate in the fund.
"I am not aware of Mitsubishi Heavy Industries and Nippon Steel," Keidanren Chairman Masakazu Tokura said. "It depends on which projects the fund is used for."
The chairmen of both organizations jointly issued the "Korea-Japan Future Partnership Declaration."
"Through this partnership fund, both sides will study the future image and cooperation measures that Korea and Japan must advance in the new international order, carry out projects to solve common challenges facing both countries, and young talents who will be in charge of the future. We will work to further expand and strengthen economic relations between the two countries, including promoting exchanges," the declaration read.
"As the international environment changes significantly, the need is increasing for Korea and Japan, which share the universal value of democracy, to respond appropriately for regional peace and prosperity. There are many tasks that Korea and Japan must cooperate to deal with, such as joint responses to the low birth rate and resources and energy."
Under these circumstances, there is an expectation that measures to resolve the issue of forced labor will be announced by the Korean government, and exchanges in the fields of politics, economy, and culture between Korea and Japan will be strongly expanded.
Meanwhile, major chaebols including Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo, and Lotte Group Chairman Shin Dong-bin will come together to enhance economic cooperation between Korea and Japan, according to industry officials, Thursday.
The FKI and Keidanren announced that they will hold the Korea-Japan Business Roundtable (BRT) in Tokyo on March 17. The BRT comes a day after Yoon's summit with Kishida in Japan, Thursday.
More than 20 major businessmen from Korea and Japan are scheduled to attend the BRT. In addition to the heads of the top five Korean conglomerates, FKI vice chairmen will also attend, including ―Samyang Holdings Chairman Kim Yoon, Kolon Group Honorary Chairman Lee Woong-yeul, Poongsan Chairman Ryu Jin, and Hyosung Chairman Cho Hyun-joon.
"At a time when Korea-Japan relations, which have been difficult, are in a mood for recovery after the announcement of a solution to the forced labor issue, the need for cooperation between the two countries' economic circles has increased. Major businessmen from Korea and Japan will gather to discuss economic cooperation and joint responses to global issues," an official from the FKI said.
The four major conglomerates, Samsung, SK, Hyundai Motors, and LG, withdrew from the FKI after a major corruption scandal in 2016 which put former President Park Geun-hey behind bars. However, the FKI made a special request for the four conglomerate chiefs to attend the meeting.
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