Korea Chamber of Commerce and Trade (KCCI) Chairman Chey Tae-won speaks in the course of the 14th Korea-Japan Chamber of Commerce and Trade Assembly in Seogwipo, Jeju Island, Monday. Courtesy of KCCI
SEOGWIPO, Jeju Island — Enterprise leaders of Korea and Japan explored the concept of financial solidarity between the 2 international locations as a paradigm geared toward addressing frequent challenges that their economies are dealing with.
The Korea Chamber of Commerce and Trade (KCCI) and the Japan Chamber of Commerce and Trade (JCCI) collectively held their 14th Korea-Japan Chamber of Commerce and Trade Assembly in Seogwipo on Jeju Island, Monday.
“Korea and Japan are dealing with frequent challenges at dwelling and overseas,” KCCI Chairman Chey Tae-won mentioned. “Externally, we should reply to the quickly altering international commerce atmosphere and the intensifying competitors in superior applied sciences, whereas internally we’re confronted with structural points similar to low birthrates, getting older populations and the decline of regional communities.”
Noting that this yr marks the sixtieth anniversary of the normalization of diplomatic ties between the 2 international locations, Chey mentioned it’s time for Seoul and Tokyo to maneuver past cooperation and design the long run collectively by way of financial solidarity to deal with these challenges.
“For the mutual cooperation to maneuver past phrases and result in tangible outcomes, we should work collectively to establish particular areas the place progress will be made,” he mentioned. “We want the braveness to collect concepts and put them into motion.”
Contributors hearken to Korea Chamber of Commerce and Trade (KCCI) Chairman Chey Tae-won’s speech in the course of the 14th Korea-Japan Chamber of Commerce and Trade Assembly in Seogwipo, Jeju Island, Monday. Courtesy of KCCI
From the Korean facet, a complete of 16 enterprise leaders attended the management assembly, together with Chey, Busan chamber Chairman Yang Jae-saeng, Daegu chamber Chairwoman Park Yoon-kyung, Incheon chamber Chairman Park Joo-bong, SK Inc. Vice Chairman Lee Hyung-hee and Samsung Electronics President Park Seung-hee.
From the Japanese facet, six leaders joined the assembly, together with JCCI Chairman Ken Kobayashi, Yokohama chamber chairman Takashi Ueno, Kobe chamber chairman Hiroya Kawasaki and Sendai chamber Chairman Saburosuke Fujisaki.
In the course of the assembly, the chambers adopted a joint assertion. They agreed to work collectively to deal with the structural challenges shared by the 2 international locations by way of cooperation in future-oriented fields, similar to synthetic intelligence (AI), joint responses to low birthrates and getting older populations and expanded cultural exchanges.
The 2 sides shared the view that AI, semiconductors, vitality and different future-facing sectors will probably be pivotal in figuring out the competitiveness of each international locations. Based mostly on this shared understanding, they agreed to work collectively to determine a secure funding atmosphere and joint provide chains, whereas cooperating to uphold a free and open international financial order.
The leaders additionally recognized low birthrates and getting older populations as frequent challenges confronted by each international locations, emphasizing the necessity to strengthen cooperation in searching for options. With the 2 governments already participating in associated consultations, the leaders agreed that the non-public sector will talk about sensible cooperation measures by sharing coverage and analysis experiences.
“For instance, Korea and Japan can collectively buy vitality to deal with their heavy reliance on vitality imports,” Chey mentioned. “And by sharing medical methods to reply to low birthrates and getting older populations, the 2 international locations might scale back financial and social prices.”
In addition they famous that direct flights between the 2 international locations have elevated, resulting in an increase in cross-border visits. Constructing on this development, the chambers agreed to broaden exchanges in numerous fields, together with enterprise, tourism and tradition.
Final yr, a file excessive of 8.82 million Koreans visited Japan. Throughout the identical interval, 3.32 million Japanese vacationers visited Korea, making it the second most visited vacation spot for Japanese vacationers.
“Throughout a earlier management assembly, there was an concept that we must always develop tourism applications that enable vacationers to go to Korea and Japan in a single journey,” Chey mentioned. “Nonetheless, little progress has been made since then, and it’s time for each side to maneuver ahead. If extra international vacationers come to each international locations by way of such joint journey packages, it could profit each economies.”
Chey instructed reporters that the enterprise communities of Korea and Japan ought to deal with subsequent yr “as if it’s the first yr of their cooperation,” however what issues most is “turning concepts into concrete motion.” When it comes to tourism, he advised establishing a dialogue platform that brings collectively the 2 international locations’ commerce chambers and enterprise teams to discover the event of joint journey applications.
Japan Chamber of Commerce and Trade Chairman Ken Kobayashi speaks in the course of the 14th Korea-Japan Chamber of Commerce and Trade Assembly in Seogwipo, Jeju Island, Monday. Courtesy of Korea Chamber of Commerce and Trade
JCCI Chairman Kobayashi mentioned the 2 economies ought to uphold current multilateral financial cooperation frameworks, such because the Complete and Progressive Settlement for Trans-Pacific Partnership, stressing that sustaining a free and open worldwide financial order is crucial for sustainable progress.
“I hope right now’s gathering can function a primary step for the enterprise communities of each international locations to discover sustainable options collectively,” Kobayashi mentioned. “Finally, I hope relations between Korea and Japan will shift from a framework of competitors to one in all cooperation.”
Consultants converse throughout a panel dialogue for the 14th Korea-Japan Chamber of Commerce and Trade Assembly at The Shilla Jeju in Seogwipo, Jeju Island, Monday. From left are Waseda College professor Baak Saang-joon, Hankuk College of International Research professor Lee Ji-pyeong, Particular Advisor to the Japanese Cupboard Shiro Yamasaki, Japan Heart for Financial Analysis Lead Economist Atsushi Ijuin and Nomura Analysis Institute Seoul CEO Yoo Hyuk. Korea Instances photograph by Nam Hyun-woo
Throughout a panel dialogue, Waseda College professor Baak Saang-joon, Hankuk College of International Research professor Lee Ji-pyeong, Nomura Analysis Institute Seoul CEO Yoo Hyuk, Particular Advisor to the Japanese Cupboard Shiro Yamasaki and Japan Heart for Financial Analysis Lead Economist Atsushi Ijuin explored methods to raise the 2 international locations’ cooperation to the extent of financial solidarity.
The consultants mentioned that Korea and Japan are dealing with new challenges that can not be addressed by way of conventional approaches, and that the 2 international locations ought to shift their strategic focus from being “rule takers” who comply with current requirements to changing into “rule setters.” They famous that stronger financial solidarity between the 2 international locations might allow them to broaden their presence as a joint market.
