Chey Tae-won: "Korea and Japan Together Form a $6 Trillion Market... We Must Build a Huge Ecosystem Through Solidarity, Not Competition"

Emphasis at the 15th Korea-Japan Chamber of Commerce Presidents’ Meeting in Sendai, Japan

"Urgent Need for Korea-Japan Economic Solidarity to Address Market Fragmentation and Low Birth Rates"

Agreement to Expand Cooperation in Future Industries and Regional Exchanges

Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI), once again proposed strengthening private economic cooperation between Korea and Japan amid the crises of rising protectionism, advanced technology competition, and rapidly declining birthrates and aging populations.

Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry delivered the opening speech at the 15th Korea-Japan Chamber of Commerce and Industry Chairpersons' Meeting held on the 31st in Sendai, Japan. Korea Chamber of Commerce and Industry

At the "15th Korea-Japan Chamber of Commerce Presidents’ Meeting" held at The Westin Sendai in Japan on the 31st, Chairman Chey stated, "If the global market is gradually becoming more fragmented into blocs and our domestic markets are actually shrinking, then Korea and Japan becoming partners who expand each other's markets could be a practical choice for both countries," adding, "Now, Korea-Japan economic cooperation should evolve into a dimension where the strengths of one side complement the weaknesses of the other, jointly creating a larger market and industrial ecosystem together."

He also emphasized, "If Korea and Japan combine their efforts, our gross domestic product (GDP) surpasses 6 trillion dollars, a very significant figure apart from the United States and China." He added, "Let's create markets together that are hard to build alone, share risks that are difficult to bear alone, and connect what each side does best." He further urged, "Rather than pursuing grand institutional frameworks from the outset, let's start by building concrete examples of success in fields with synergy potential, such as artificial intelligence (AI), high-tech industries, supply chains, and energy. The two chambers should identify joint action items and proactively propose them to both governments and parliaments."

This meeting, held under the theme "The Future of Korea-Japan Relations Beginning in Local Regions," was attended by 16 Korean representatives, including Chairman Chey, Yang Jaesaeng, Chairman of Busan Chamber of Commerce and Industry, and Park Yun-kyung, Chairman of Daegu Chamber of Commerce and Industry. From the Japanese side, there were 12 attendees, including Ken Kobayashi, Chairman of the Japan Chamber of Commerce and Industry (Senior Adviser of Mitsubishi Corporation), and Shingo Torii, Chairman of the Osaka Chamber of Commerce and Industry (Vice Chairman of Suntory Holdings).

At the meeting, practical measures for cooperation in future industries were also discussed. In a panel discussion under the theme "Co-creation of Future Industries and the Role of the Private Sector," participants agreed that Korea-Japan cooperation should go beyond simple exchanges and be expanded to: (1) enhancing supply chain stability, (2) joint research and development (R&D) and cooperation in advanced technologies and standards, and (3) future energy sectors such as green hydrogen. There was also consensus that the scope of collaboration should broaden from major corporations to include regional and small and medium-sized enterprises as well as research institutions.

After the meeting, the two chambers officially adopted a joint statement emphasizing the reinforcement of cooperation in supply chain and energy security as well as future industries, alongside the expansion of regional and personnel exchanges. The economic communities of both countries expressed support for intergovernmental supply chain cooperation for key minerals, committed to strengthening the stability of energy supply chains, and agreed to actively contribute to securing energy security through mutual flexibility in crude oil, petroleum products, and LNG supplies. In addition, they pledged to pursue cooperation in advanced technology R&D, including AI, semiconductors, and clean energy, as well as green innovation in conjunction with next year's International Horticultural Expo in Yokohama.

Yoon Cheol-min, Director General of International Trade at KCCI, stated, "As uncertainty in the global economic environment increases, it becomes more important for neighboring countries like Korea and Japan to connect their strengths." He continued, "Based on this meeting, we will continue discussions on the 'Korea-Japan Economic Solidarity,' while also identifying areas of cooperation that can generate tangible benefits for local communities and businesses."

This content was produced with the assistance of AI translation services.