Flights between Korea, Japan to increase to 1,000 a week

Flights between Korea and Japan will increase to 1,000 weekly, the government announced Friday, in a move to bolster ties following recent improvements in their bilateral relationship.

Departure information for flights to Japan is displayed on the monitor at Incheon International Airport. [NEWS1]

Flights between Korea and Japan will increase to 1,000 weekly, the government announced Friday, in a move to bolster ties following recent improvements in their bilateral relationship.

Currently, around 900 flights per week connect the two countries.

Finance Minister Choo Kyung-ho announced the move during a meeting with economy-related ministers on Friday, emphasizing the goal of "enhancing personal exchanges between the two countries" by adding more flights "by the peak of the summer season."

The initiative follows discussions at the recent Group of 7 (G7) summit and bilateral meetings with 12 countries, signifying a concerted effort to strengthen economic ties.

Technological cooperation between Korea and Japan was also prioritized.

“We will establish dialogue channels in sectors including semiconductors, energy, and science and technology,” Choo said.

“We will establish partnerships within the year to facilitate entries of Korean and Japanese companies in third-party nations,” he added.

The plan includes a cooperative framework between infrastructure investors, including the Korea Overseas Infrastructure and Urban Development Corporation and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development, as well as policy financing institutions, such as the Export-Import Bank of Korea and the Japan Bank for International Cooperation.

Korea and Japan also agreed to resume a finance ministerial meeting at the end of this month in Tokyo after a seven-year hiatus.

Kim Seong-wook, the deputy minister for international affairs, and Japanese Vice Finance Minister Masato Kanda, on Friday agreed to organize the 8th Korea-Japan Finance Minister's Meeting in Tokyo on June 29.

The Finance Ministers’ Meeting, which began in 2006, had been put on hold since the seventh meeting in 2016. Bilateral relations faced challenges such as the installation of the comfort women statue in front of the Japanese Consulate General in Busan in 2017 and Japan's restrictions on semiconductor material exports in 2019.

The upcoming Finance Ministers' Meeting is expected to cover a range of topics.

These include discussions on current economic trends, follow-up actions from the G7 finance ministers' meeting, collaboration within the Group of 20 finance ministers' meeting, joint efforts regarding infrastructure investments in third countries, financial cooperation between the two nations, and cooperative initiatives in taxation and customs.

Korean Finance Minister Choo Kyung-ho, left, speaks with Japanese Vice Finance Minister Masato Kanda in Seoul on Friday. [NEWS1]

Meanwhile, during Friday's meeting, Finance Minister Choo expressed optimism regarding the country's exports.

"In May, exports continued to decline by double digits due to fewer working days," Choo said.

"However, there are some positive signs," he added.

The minister took into account that exports to China, which had been a major factor contributing to the downturn in Korea's exports, reached their peak this year. Furthermore, semiconductor exports expanded in volume despite price drops, leading to an improvement compared to April.

Choo also noted the continued growth in exports, particularly in automobiles and secondary batteries, as a positive indication of supporting export increases.

Choo, however, cautioned, "There are ongoing uncertainties related to the global economic slowdown," emphasizing the importance of attracting investment and expanding trade channels to strengthen export recovery.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]