KEF chief, Japanese ambassador vow to bolster economic ties

Member companies of the Korea Enterprises Federation met with Japanese Ambassador Koichi Mizushima on Tuesday to explore opportunities for deepening economic cooperation, as South Korea and Japan approach the 60th anniversary of normalized diplomatic relations next year.

The business roundtable, held at the Westin Josun Seoul, brought together top Korean business figures and Japanese representatives to discuss future-oriented strategies for bilateral collaboration.

In his opening remarks, KEF Chairman Sohn Kyung-shik, who doubles as CJ Group chairman, emphasized the long-standing partnership between the two nations, noting that recent developments have spurred renewed exchanges across government, cultural and business sectors. “The relationship between Korea and Japan has seen ups and downs, but we have maintained a close collaboration since the normalization of relations in 1965,” Sohn said.

Sohn highlighted that trade between the two nations has surged from $200 million at the time of normalization in 1965 to $76.6 billion in 2023. Additionally, cross-border travel is expected to exceed 10 million people this year, marking a historic high.

Meanwhile, Sohn also pointed to a complex global landscape, citing intensified global trade tensions and geopolitical conflicts impacting both countries. “South Korea and Japan face pressing challenges, such as low birth rates, aging populations and the ongoing effects of climate change,” he remarked, emphasizing that these shared concerns require a unified approach.

He stressed the necessity of economic collaboration to stabilize international supply chains and promote technological innovation. “By strengthening cooperation in critical areas like semiconductors, automotive technology, digital innovation and green energy, businesses in both countries can contribute to peace and prosperity not only in Northeast Asia, but globally,” Sohn said. He also underscored the urgency of government policy support, calling for active investments to secure stable supply chains and foster employment growth.

Appointed as the 22nd Japanese ambassador to South Korea in May, Mizushima previously served as the embassy’s minister from 2017 to 2019. Also in attendance was Kazuyoshi Oonishi, economic counselor at the Japanese Embassy.

The meeting included representatives from KEF member companies: Kim Ju-nam, CEO of Hotel Lotte and Lotte Duty Free; Park Seung-hee, president of Samsung Electronics; Rhee Jang-han, chairman of Chong Kun Dang; Choi Hyun-kyu, CEO of Kolmar Korea; Lee Yong-ho, CEO of LX Pantos; and Kim Yeong-beom, CEO of Kolon Industries.