Korea Chamber of Commerce and Business (KCCI) Chairman Chey Tae-won speaks in the course of the 14th Korea-Japan Chamber of Commerce and Business 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 nations as a paradigm aimed toward addressing frequent challenges that their economies are dealing with.
The Korea Chamber of Commerce and Business (KCCI) and the Japan Chamber of Commerce and Business (JCCI) collectively held their 14th Korea-Japan Chamber of Commerce and Business Assembly in Seogwipo on Jeju Island, Monday.
“Korea and Japan are dealing with frequent challenges at house 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 reminiscent of low birthrates, ageing populations and the decline of regional communities.”
Noting that this yr marks the sixtieth anniversary of the normalization of diplomatic ties between the 2 nations, Chey mentioned it’s time for Seoul and Tokyo to maneuver past cooperation and design the longer term collectively by way of financial solidarity to handle 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 could be made,” he mentioned. “We want the braveness to assemble concepts and put them into motion.”
Individuals hearken to Korea Chamber of Commerce and Business (KCCI) Chairman Chey Tae-won’s speech in the course of the 14th Korea-Japan Chamber of Commerce and Business Assembly in Seogwipo, Jeju Island, Monday. Courtesy of KCCI
From the Korean aspect, 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 aspect, 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.
Through the assembly, the chambers adopted a joint assertion. They agreed to work collectively to handle the structural challenges shared by the 2 nations by way of cooperation in future-oriented fields, reminiscent of synthetic intelligence (AI), joint responses to low birthrates and ageing populations and expanded cultural exchanges.
The 2 sides shared the view that AI, semiconductors, vitality and different future-facing sectors shall be pivotal in figuring out the competitiveness of each nations. Based mostly on this shared understanding, they agreed to work collectively to determine a steady funding atmosphere and joint provide chains, whereas cooperating to uphold a free and open international financial order.
The leaders additionally recognized low birthrates and ageing populations as frequent challenges confronted by each nations, 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 handle their heavy reliance on vitality imports,” Chey mentioned. “And by sharing medical programs to reply to low birthrates and ageing populations, the 2 nations may scale back financial and social prices.”
In addition they famous that direct flights between the 2 nations have elevated, resulting in an increase in cross-border visits. Constructing on this development, the chambers agreed to increase exchanges in varied fields, together with enterprise, tourism and tradition.
Final yr, a document 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 should always develop tourism packages 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 overseas vacationers come to each nations by way of such joint journey packages, it will profit each economies.”
Chey advised 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 steered organising a dialogue platform that brings collectively the 2 nations’ commerce chambers and enterprise teams to discover the event of joint journey packages.
Japan Chamber of Commerce and Business Chairman Ken Kobayashi speaks in the course of the 14th Korea-Japan Chamber of Commerce and Business Assembly in Seogwipo, Jeju Island, Monday. Courtesy of Korea Chamber of Commerce and Business
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 important for sustainable progress.
“I hope right this moment’s gathering can function a primary step for the enterprise communities of each nations 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 Business Assembly at The Shilla Jeju in Seogwipo, Jeju Island, Monday. From left are Waseda College professor Baak Saang-joon, Hankuk College of Overseas 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 Occasions photograph by Nam Hyun-woo
Throughout a panel dialogue, Waseda College professor Baak Saang-joon, Hankuk College of Overseas 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 nations’ cooperation to the extent of financial solidarity.
The specialists mentioned that Korea and Japan are dealing with new challenges that can not be addressed by way of conventional approaches, and that the 2 nations 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 nations may allow them to increase their presence as a joint market.
