The Korea-Japan Business Meeting Held for the First Time in 3 Years...The 4 Major Groups Make Their 'First' Full Appearance

Reflecting the Economic Sector's Commitment to Leading the Improvement of Strained Korea-Japan Relations

Huh Chang-soo, Chairman of the Federation of Korean Industries, is delivering a welcoming speech at the "29th Korea-Japan Business Meeting" held on the 4th at the Federation of Korean Industries Building in Yeouido, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporters Sunmi Park, Chaeseok Moon]"It's the first time in three years since 2019, right?" "Nice to meet you. It's an honor to see you like this." "Ohio (Gozaimasu)." (VIP reception at the Korea-Japan Business Meeting on the 4th)

The Korea-Japan Business Meeting, which had not been held due to the impact of COVID-19, was held on the 4th for the first time in three years. Notably, this meeting saw an unprecedented full attendance from the four major groups: Samsung, SK, Hyundai Motor, and LG. This is interpreted as reflecting the Korean business community's determination to take the lead in improving the strained Korea-Japan relations since the launch of the Yoon Seok-yeol administration.

The Federation of Korean Industries (FKI) held the 29th Korea-Japan Business Meeting together with the Japanese business organization Keidanren at the FKI building in Yeouido, Seoul. It was the first time in three years that the two organizations met face-to-face to discuss.

In particular, many CEOs from large corporations, including the four major groups that withdrew from the FKI following the 2016 political scandal, attended this meeting. Although the four major group chairpersons gathered once during the 2009 Korea-Japan summit-linked New Year business meeting, this is the first time all these groups have attended the Korea-Japan Business Meeting, a high-level private economic cooperation channel between the two countries.

From the four major groups, Samsung Electronics President Lee In-yong, Hyundai Motor President Gong Young-woon, LG Electronics President Cho Joo-wan, and SK Materials President Lee Yong-wook appeared at the meeting. Also attending were major corporate owners and CEOs such as Lotte Group Chairman Shin Dong-bin, Hyosung Chairman Cho Hyun-joon, KB Financial Group Chairman Yoon Jong-kyu, Shinhan Financial Group Chairman Cho Yong-byeong, and POSCO Holdings President Jeon Jung-seon.

Before the meeting started, key Korea-Japan business figures exchanged brief conversations, creating a warm and friendly atmosphere. Sensitive terms such as ‘materials, parts, and equipment’ and ‘white list’ were avoided, with handshakes, greetings, and hopeful talks about cooperation dominating. The heads of the economic organizations from both countries urged the restoration of prompt dialogue not only between the business communities but also between the heads of state and governments in their opening remarks.

FKI Chairman Huh Chang-soo said, "I hope the Korea-Japan summit will be held soon to simultaneously resolve current issues such as lifting mutual export regulations, resuming the Korea-Japan currency swap, and Korea’s accession to the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership)." Keidanren Chairman Tokura Masakazu also stated, "The more difficult Korea-Japan relations become, the more important it is to respect the spirit of the 1998 ‘Korea-Japan Partnership Declaration’ and for both countries to move forward together with a future-oriented mindset." He added, "The Japanese business community also hopes that dialogue between the two countries’ leaders and ministers will resume promptly."