Yoon calls for greater cooperation with Japan in high-tech industries at business roundtable

President Yoon Suk Yeol emphasized the need for cooperation between Korea and Japan in semiconductors, batteries, electric vehicles and other high-tech industries at a meeting with business leaders of both countries in Tokyo on Friday.

President Yoon Suk Yeol, center, speaks at a Korea- Japan business roundtable attended by business leaders of the two countries in Tokyo on Friday. [JOINT PRESS CORPS]

President Yoon Suk Yeol emphasized the need for cooperation between Korea and Japan in semiconductors, batteries, electric vehicles and other high-tech industries at a meeting with business leaders of both countries in Tokyo on Friday.

"In order to overcome complex crises facing the world today, solidarity and cooperation among countries that share universal values such as freedom, human rights and the rule of law are more important than ever," said Yoon at the Korea-Japan business roundtable. "The two countries will jointly cooperate and respond to various global agendas, including supply chains, climate change, advanced science and technology and economic security."

The Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren) organized the event, attended by leaders of Korea's top conglomerates and Japanese companies.

Yoon said he and Japanese Prime Minister Fumio Kishida in their summit on Thursday discussed "various ways to cooperate to normalize Korea-Japan relations and agreed on future-oriented development" of bilateral ties.

The two leaders also agreed to work together work toward stabilizing supply chains of high-tech industries such as semiconductors and batteries and work towards a digital transformation.

Yoon noted that Korean semiconductor manufacturing companies depend on supply of Japanese semiconductor materials and equipment, and Japanese automobile companies recently announced joint venture plans with Korean battery makers.

"The two governments will spare no effort for you to freely exchange and create innovative business opportunities," said Yoon.

From left, Lotte Group Chairman Shin Dong-bin, LG Group Chairman Koo Kwang-mo, Hyundai Motor Group Executive Chair Euisun Chung, SK Group Chairman Chey Tae-won and Samsung Electronics Executive Chairman Lee Jae-yong listen to President Yoon Suk Yeol’s remarks at the Korea-Japan business roundtable in Tokyo Friday. [JOINT PRESS CORPS]

Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung and LG Group Chairman Koo Kwang-mo were among the 12 Korean businesspeople in attendance.

Acting FKI chief Kim Byong-joon and FKI vice chairs Lotte Group Chairman Shin Dong-bin, Samyang Holdings Chairman Kim Yoon and Hyosung Group Chairman Cho Hyun-joon also took part in the roundtable.

Keidanren chief Masakazu Tokura, chairman of Sumitomo Chemical, was among the 11 Japanese businesspeople at the event.

It is the first time in 14 years that a Korean president has attended a Korea-Japan business roundtable.

The last such occasion was during then-President Lee Myung-bak's visit to Japan in June 2009.

It is the first time in some 20 years that the top executives of Korea's four major conglomerates attended such an event with Japanese businesspeople.

Tokura said Seoul's efforts to resolve the forced labor compensation issue "is a big step towards the soundness of Korea-Japan relations" and that the Japanese business community "highly appreciates" the gesture.

"From a future-oriented point of view, it is indispensable for both sides to pool their wisdom and strengthen cooperation" to face common challenges," he added.

Following the Yoon-Kishida summit, the two governments said they will work to swiftly restore ministerial-level cooperation channels in the economic sector, such as finance, industry, trade and science and technology, according to the presidential office.

On Thursday, Japan lifted restrictions on the export of key materials to Korea that are essential for semiconductor and display production imposed since July 2019.

The two governments said they are also working toward restoring each other's white list statuses.

In August 2019, Japan removed Korea from its so-called "white list" of preferred trading partners, which it had been on since 2004. In a tit-for-tat move, Korea removed Japan from its own white list.

Tokyo's export curbs were seen as retaliation to Korea's Supreme Court rulings in 2018 ordering Japanese companies to individually compensate victims of forced labor during World War II.

Last week, Seoul proposed compensating the plaintiffs with a Korea-backed public foundation, without set contributions from Japanese companies.

Some victims, civic groups and the liberal Democratic Party have strongly protested the third-party compensation method as it does not include an apology, nor direct contributions, from the liable Japanese companies — Nippon Steel and Mitsubishi Heavy Industries.

On Thursday, the FKI and Keidanren announced that they will each create a "future partnership" fund to support youths and cooperation projects. This is a part of the two countries' broader efforts to resolve Japan's wartime forced labor issue.

Yoon and Kishida in their summit also agreed that cooperation in security and economy is mutually beneficial to both countries.

During Friday's roundtable, Yoon thanked the two business lobbies for creating the joint funds and said, "The unchanging trust and friendship between the businesspeople of our two countries has served as a solid foundation for bilateral relations and a cornerstone for increased trade and economic development."

He also stressed the importance of future generations and said that the roundtable serves as a "meaningful steppingstone to write a new chapter in Korea-Japan relations."

President Yoon Suk Yeol, front row center, poses for a photo with business leaders from Korea and Japan at a business roundtable in Tokyo on Friday. [JOINT PRESS CORPS]

Yoon also met with political figures in the Korea-Japan Parliamentarians' Union and the Korea-Japan Cooperation Committee.

He met Aso Taro, vice president of Japan's ruling Liberal Democratic Party, and former Prime Minister Yoshihide Suga, incoming president of the parliamentarians' union.

Later in the afternoon, Yoon gave a speech stressing the importance of the future generation to some 170 students at Keio University in Tokyo.

The presidential couple returned to Korea on Air Force One Friday evening, wrapping up their two-day visit to Tokyo.

Yoon and Kishida, who welcomed a normalization of bilateral relations through their summit meeting and one-on-one dinner talks, may be reunited soon.

Kishida is considering inviting Yoon to the G7 summit in Hiroshima in May, according to Japanese media.

President Yoon Suk Yeol, left, and Korean first lady Kim Keon-hee return from a two-day trip to Tokyo on Air Force One at Seongnam Air Base in Gyeonggi Friday evening. [JOINT PRESS CORPS]

BY SARAH KIM [kim.sarah@joongang.co.kr]