FKI-Keidanren hosted the 26th meeting of Korea-Japan Business Council

  • Aimed at enhancing the bilateral relations in politics and foreign affairs
  • Planned to host a seminar next spring in Seoul on the support system for joint advancement into third nations
  • Consented to share expertise in the disaster prevention field such as earthquake
  • Proposed the need for partnership to facilitate the 2018 Pyeongchang Winter Olympics and 2020 Tokyo Olympics
  • Urged to open up the era of the 10 million bilateral visits through the expansion of people-to-people times

“Based on the consensus between the business people of both nations over the need for partnership in the joint advancement into third nature markets, I believe that it’s time to bring about the action plans to extend specific cooperation.” – Chairman Chang Soo Huh of FKI

“I completely agree with the proposal made by Chairman Huh. It’s very timely to have a seminar launched by the businesses to carry out detailed partnership projects out of what we have discussed until now.” – Chairman Sadayuki Sakakibara of Keidanren

The business leaders of Korea and Japan consented to cooperate in the disaster prevention field such as earthquake and to discuss the joint advancement into third nation markets.

The Federation of Korean Industries (FKI) and Japan Business Federation (Keidanren) jointly hosted the 26th meeting of Korea-Japan Business Council at the FKI Tower Conference Center in Seoul on October 10. The participants of the meeting agreed to come up with action plans for the joint advancement into third nation markets, which continue to generate success stories and to discuss the economic integration in Asia and the disaster prevention measures needed especially for the earthquakes that happened one after another in both countries this year.

In particular, after the summit between Prime Minister Abe and President Park last November, the business communities of the nations welcomed the rebuilding of the stable and resilient bilateral relations and consented to work together to strengthen political and foreign affairs relations further.

1) Agreed to co-host a seminar on the supportive measures for the joint advancement into third nation markets

The attendees concluded that both parties would have further discussions on the specific cooperation measures for the joint advancement (Korea-Japan) into third nation markets. Both communities have been exploring the diverse markets together in manufacturing, resources development, infrastructure construction, etc. thanks to risk diversification from the joint investment and the synergy created from combination of competitiveness.

Accordingly, in the absence of the support measures, FKI and Keidanren planned to host the related seminar next spring in Seoul to share case studies and to enhance the understanding in the supportive system for the joint advancement into the third nation markets. The dialogue would cover the building of the supportive system for the joint advancement into the third nations.

2) Aimed at strengthening cooperation in the disaster prevention field such as earthquake

 The leaders also decided to strengthen partnership in the natural disaster prevention field such as earthquake considering concerns raised by the recent earthquakes in Kumamoto, Japan in April, followed by another in Gyeongju, Korea last month.

In addition, there is a rising need for partnering in the disaster prevention field as the businesses of the two countries have supply chains intertwined across East Asia.

Hence, the two business communities were committed to working closely together by sharing their experiences and expertise in the disaster prevention field.

3) Consented to cooperate to host the 2018 Pyeongchang Winter Olympics and 2020 Tokyo Olympics successfully

 Urged to open up the era of the 10 million bilateral visits

The participants agreed to the need for expanding cooperation in the private and tourism sectors to host the 2018 Pyeongchang Winter Olympics and 2020 Tokyo Olympics successfully. Additionally, they pointed out that the people-to-people ties could be one of the solutions for the low birth rates and the need for opening up the era of the 10 million bilateral visits and strengthening ties between teens.

Aside from these issues, the communities planned to share thoughts on the possibility of cooperation in the economic integration in East Asia, the global issues such as environment, and growing industries and to reinforcing partnership in tourism etc.

The 18 Korean attendees included Chairman Chang-Soo Huh of FKI, Chairman Yang-Ho Cho of Korean Airlines, Chairman Sam-Koo Park of Kumho Ind. Co., Chairman Yoon Kim of Samyang Corporation, Chairman Young-Ju Park of Eagon Industrial Co., Chairman Jin Ryu of Poongsan Corporation, Chairman Janghan Lee of Chong Kun Dang, and Vice Chairman Seung-Cheol Lee of FKI. On the other side were the 19 Japanese participants including Chairman Sadayuki Sakakibara of Keidanren, Chairman Uchiyamada of Toyota, and Chairman Iwasa of Mitsui Fudosan.

Source: FKI