60th Anniversary of Diplomatic Normalization: Korea and Japan Business Leaders Gather in Seoul to Seek Cooperation

Korea-Japan Business Meeting to Be Held in Seoul on May 27-28
Over 300 Business Leaders from Both Countries to Attend
New Korea-Japan Partnership Joint Declaration to Be Announced

To mark the 60th anniversary of the normalization of diplomatic relations between Korea and Japan, business leaders from both countries are gathering in Seoul to explore new avenues for economic cooperation.

The 54th Korea-Japan Business Meeting is being held at Lotte Hotel in Jung-gu, Seoul, in May 2022. Photo by Kang Jinhyung aymsdream@

The Ministry of Trade, Industry and Energy and the Korea-Japan Economic Association, together with the Japan-Korea Economic Association and the Japan-Korea Industrial Technology Cooperation Foundation, will hold the 57th Korea-Japan Business Meeting at Lotte Hotel in Sogong-dong, Seoul, from May 27 to 28.

Under the theme "60th Anniversary of Korea-Japan Diplomatic Normalization: Broader and Deeper Korea-Japan Cooperation," the meeting will be attended by more than 300 business figures from both countries, including Kim Yoon, Chairman of the Korea-Japan Economic Association, and Sasaki Mikio, Chairman of the Japan-Korea Economic Association.

This year, in particular, a new Korea-Japan Partnership Joint Declaration is scheduled to be announced in commemoration of the 60th anniversary of the normalization of diplomatic relations between the two countries.

On the first day, the keynote speeches will be delivered by Yoon Jinshik, Chairman of the Korea International Trade Association, representing Korea, and Koji Akiyoshi, Chairman of Asahi Group Holdings and the incoming Chairman of the Japan-Korea Economic Association, representing Japan. On the second day, presentations will focus on cooperation strategies in various industries such as hydrogen, tourism, bio-healthcare, and startups, as well as ways to build a new Korea-Japan partnership. Afterward, participants will adopt a joint statement and hold a joint press conference.

The organizers emphasized, "Since 2023, with the resumption of 13 Korea-Japan summits and shuttle diplomacy, relations between the two countries have improved significantly, and this year marks the milestone 60th anniversary of diplomatic normalization." They added, "At this year's event, we will seek ways to maintain and develop Korea-Japan relations and expand economic cooperation between the two countries."

The Korea-Japan Business Meeting is the leading private economic forum between the two countries. After the normalization of diplomatic relations in 1965, the meeting was institutionalized in 1969 to facilitate discussions on economic cooperation, with an agreement to hold it annually. Since the first meeting in 1969, it has never been interrupted, even amid political tensions or the COVID-19 pandemic, alternating between the two countries each year and contributing to economic growth and mutual development.

In particular, it has played a key coordinating role in Korea-Japan exchanges by linking with government policies such as free trade agreements (FTA) and economic partnership agreements. At last year's meeting in Tokyo, Japan, there was a consensus that strengthening economic ties is the most reliable way to foster a cooperative atmosphere between the two countries at the business level. Consequently, the participants agreed to pursue corporate activities that benefit both economies by identifying mutually advantageous areas and adopted a joint statement titled "Korea-Japan Partnership for the Future."