(2nd LD) Yonhap forum explores ways to deepen S. Korea-Japan economic ties amid global fragmentation

(ATTN: UPDATES with session remarks in paras 14-19)
By Oh Seok-min

SEOUL, Nov. 3 (Yonhap) -- Yonhap News Agency, South Korea's key newswire, hosted a forum Tuesday to explore ways to forge closer economic links between Seoul and Tokyo as mounting global fragmentation reshapes the world economy.

Under the theme "A fragmenting global economy, bridging the Korean and Japanese markets," the third annual Future Economic Forum took place in Seoul, bringing together around 500 participants from the two countries, including political, business and academic leaders, according to Yonhap News Agency.

Yonhap News Agency President and Chief Executive Officer (CEO) Hwang Dae-il stressed the need for the two nations to join forces to become "a central pillar of a regional economic bloc" amid growing challenges at home and abroad.

"At a time when the external environment is rapidly changing amid the erosion of the multilateral trading system, the formation of regional blocs and rising protectionism, solidarity and cooperation between South Korea and Japan are essential strategies for survival," Hwang said in his congratulatory remarks.

"Beyond simple trade, we must forge a future in which our economies function as one seamless economic ecosystem," he said, adding that Yonhap will continue to provide diverse and substantive coverage to deepen trust between the two sides and help advance institutionalized economic cooperation.

President Lee Jae Myung stressed the importance of expanding cooperation between Seoul and Tokyo, calling it a "task of our time."

"In this era of epochal transformation, deepening cooperation and broadening its scope between the two countries is no longer something that can be put off but a task of our time," Lee said in a congratulatory message, read by Seong Ghi-hong, senior presidential secretary for public communication.

Noting his government's efforts to expand cooperation with Japan in advanced technologies, Lee also highlighted joint efforts to address shared challenges, such as low birth rates, aging and regional disparities.

SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, said closer economic cooperation between Seoul and Tokyo could generate more than US$1 trillion in synergies, calling for bipartisan political support and a shared framework to advance bilateral ties.

Chey also stressed the need for the two countries to address common structural challenges, including population aging, low birth rates and rising healthcare costs.

Japanese Ambassador to South Korea Koichi Mizushima called for closer economic cooperation between the two nations to build resilience amid global economic uncertainty, stressing that bilateral cooperation would benefit both countries and contribute to regional and global stability and prosperity.

A number of political and business figures from both countries also delivered congratulatory remarks, including Rep. Joo Ho-young, chairman of the South Korea-Japan Parliamentarians' Union; Japanese Rep. Ryota Takeda, chairman of the Japan-Korea Parliamentarians' Union; Rep. Lee Jae-jung, chair of the National Assembly's culture, sports and tourism committee; and Koo Ja-yeol, chairman of the Korea-Japan Economic Association.

Other key participants included Shinhan Financial Group Chairman Jin Ok-dong, Hana Financial Group Chairman Ham Young-joo, Woori Financial Group Chairman Yim Jong-yong and NH NongHyup Financial Group Chairman Lee Chan-woo, as well as senior officials from major economic organizations and a delegation from Japan's Kyodo News, a sponsor of the forum.

During a session, former Foreign Minister Yoon Young-kwan, now chairman of the Asan Institute for Policy Studies, called for Seoul and Tokyo to strengthen security cooperation and expedite the signing of a bilateral logistics support agreement to better counter North Korea's evolving security threats and growing alignment among North Korea, China and Russia.

Yoon also called for expanded economic security cooperation, while advocating South Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and a review of its import restrictions on Japanese seafood.

Lee Sang-yup, chief technology officer (CTO) of South Korean mobile carrier LG Uplus Corp., said South Korea and Japan could create synergies through cooperation in emerging technologies, particularly voice artificial intelligence (AI) services, ahead of the commercialization of sixth-generation (6G) networks.

Hiroaki Ishiguro of Japan's Lotte Holdings Co. said the group plans to strengthen its presence in Asian markets through closer cooperation between its South Korean and Japanese food businesses.

Renowned South Korean popera tenor Lim Hyung-joo also shared his decadeslong experience in Japan and discussed new opportunities for cooperation in the cultural and content industries. Lim said he made his Japanese debut in 2004 following his performance of the national anthem at the 2002 Korea-Japan World Cup.

The session also featured Japan expert Yang Gi-ho, professor emeritus at Sungkonghoe University; Lee Se-young of Wrtn Technologies; and Ikumi Haruki, a professor at Seigakuin University.

The forum came amid renewed efforts by South Korea and Japan to expand economic cooperation as the two neighbors seek to strengthen ties through regular high-level exchanges and closer coordination on shared challenges.

In March, the two countries signed a supply chain partnership arrangement and agreed to establish a regular policy dialogue on trade, economic security and supply chain issues.

At a summit in May, President Lee and Japanese Prime Minister Sanae Takaichi agreed to further strengthen bilateral cooperation on supply chains, as well as energy security, including through closer cooperation on critical minerals, crude oil and liquefied natural gas (LNG).

graceoh@yna.co.kr
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