Business leaders of Korea and Japan raise expectations for improved bilateral ties

[Photo by Kim Ho-young]

South Korean and Japan businessmen turned more hopeful about improvement in bilateral ties under a new conservative government in Korea after stalemated relationship over the last few years due to diplomatic spat over past issues, trade barriers, and pandemic restrictions.

Around 260 business leaders of South Korea and Japan vowed economic cooperation for co-prosperity in the 54th South Korea-Japan Business Conference on Monday, hosted by the Korea-Japan Economic Association (KJEA). The meeting was held virtually in Seoul and Tokyo under the title of “Opening the New Stage in South Korea-Japan Economic Connections.”

Business leaders from both countries emphasized exchanges and coexistence, anticipating enhanced economic and trade cooperation in the post-pandemic ear.

Kim Yoon, chairman of Samyang Holdings and head of the KJEA, stressed the two nations’ ties in various areas, including trade, industries, investments, and tourism, in his opening speech. He urged common response to population aging, population drain, and carbon emissions.

“Visa-free entry between the two nations, suspended since March 2020, should be resumed to restore ties,” he said in an interview with Maeil Business Paper. Mikio Sasaki, chairman of the board of Mitsubishi Corp., representing the Japanese business leaders, agreed, saying that economic cooperation and exchanges would help overcome the longstanding feud between the two neighbors and produce positive results.

The South Korea-Japan Business Conference has been held annually since 1969 to promote bilateral economic ties and resolve the longstanding ill feelings over the colonial past. This year, expectations for improved ties grew big as South Korean President Yoon Suk-yeol highlighted the importance of restoring ties as his inauguration. The 55th conference will be held in Seoul next year for the first time since pandemic.

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