Starting with putting yourself in others’ shoes

The key to the cooperative relations is the economic power of innovative tech.

Lee Young-kwanThe author is the chairman of Toray Advanced Materials Korea. The Peace Odyssey 2023 — hosted by the Korea Peace Foundation in Tokyo on Dec. 5 and 6 — was an opportunity for leaders to discuss the ways in which cooperation among Korea, Japan and the United States could help to achieve peace on the Korean Peninsula. It was also a chance to take a deeper look into the direction of economic cooperation between Korea and Japan in the era of the fourth industrial revolution as well as the role and response of the U.S. military bases in Japan when it comes to national security.

The first day of the academic symposium helped me — a businessman who has managed companies both in Korea and Japan — reflect on the importance of economic and strategic cooperation among the three countries in the rapidly changing global trade environment.

In particular, Waseda University Professor Yukiko Fukagawa’s three proposals for the new dimension of Korea-Japan cooperation struck a sympathetic chord with me. The first was a value shift from growth to sustainability, the second was a transition from zero-sum competition to positive-sum competition and the third was a switch from the conflict of the establishments to global cooperation.

Political friction aside, Korea and Japan have often pursued common interests through economic cooperation. This separation of politics and economics must continue in a balanced manner, and the two countries’ business communities must work together to shape a new era.

That approach can apply to Korea-China relations, too. Korea cannot — and will not — cut off supply chains that are economically linked to China. That reality bolsters the need for the two countries to actively promote cultural exchanges, including tourism, and follow the wisdom of experts to pursue common economic interests. The “economic power” of innovative technologies and products is the key to cooperative relations.

To this end, the government and the corporate sector must work together to formulate long-term strategies, invest in research and development, foster human resources and improve research infrastructure. Securing our own science and industrial technologies by allowing talent to focus on innovations for the future as well as participate in national-level strategy projects will help safeguard our economic security.

The close connection between economic cooperation and national security was also evident in presentations concerning the Taiwan Strait. If the strait falls under China’s control, the entire South China Sea will become Chinese waters. All ships traveling the area would have to detour to the south, nearly doubling the distance and quadrupling the freight costs. It was easy to see why the strait issue is so important. When security is threatened, economic losses are destined to follow.

Having been a businessman for decades, I can say that the practice of putting yourself in someone else’s shoes is the foundation of smooth economic cooperation between countries and companies in a complex and diverse trade environment. The growth of Toray Advanced Materials Korea is a key example. Japan’s Toray Industries has not left the country since its initial investment in 1963. Toray Korea has more than 5,500 employees and 3.5 trillion won ($2.65 billion) in sales. Toray Advanced Materials — the group’s flagship company — started in the loss-making polyester film and fiber business when it was founded in 1999, but 24 years of support from Toray Japan and the hard work of Korean workers helped the company expand into advanced materials such as carbon fibers, polyphenylene sulfide, water treatment filters and aromatic polyamide.

The processes were not always smooth. Korean workers and Toray Japan had different opinions whenever new projects were initiated. But the two sides tried to understand each other’s perspectives, leaving nearly no problem to be unresolved. Toray Japan’s advanced basic technologies and Toray Korea’s applied innovations found synergy in this way, allowing of advanced materials to make their way to global companies in Korea.

The prestige of a country is determined not only by its economy, but also by its history and culture. I always look for the country’s cultural assets when I go abroad, and many have brilliant heritage from their ancestors left behind. I hope Korea will create a legacy for future generations in the coming centuries. If a landmark, such as the Eiffel Tower in Paris, Sydney’s Opera House or the Statue of Liberty in New York, is built to match the beauty of the Han River of Seoul, it could turn the nation’s capital into a global cultural city where culture and industry develop in harmony.

Translation by the Korea JoongAng Daily staff.