Business leaders from Korea and Japan pose during the Korea-Japan Economic Association's (KJE) teleconference held at Lotte Hotel in Seoul and the Okura Tokyo, Monday. From left are SeAH Steel Vice Chairman Lee Hui-ryung, Samsung Electronics President Lee In-yong, Korea International Trade Association Chairman Koo Ja-yeol, Trade Minister Ahn Duk-geun, KJE Chairman Kim Yoon, Lotte Group Chairman Shin Dong-bin, Poongsan Group Chairman Ryu Jin, POSCO Holdings President Chon Jung-son and TCC Steel Chairman Sohn Bong-rak. Newsis

By Park Jae-hyuk

Business leaders from Korea and Japan agreed Monday to reconsolidate their economic ties under the two countries' new governments, overcoming a years-long diplomatic feud during their previous administrations. They made the promise during a teleconference held simultaneously in Seoul and Tokyo by the Korea-Japan Economic Association (KJE) to discuss ways to strengthen the economic partnership between the two countries.

"As we had once experienced difficulties, we should take the initiative in all sectors, including trade, industry, investment, finance and tourism, based on our deeper trust," said KJE Chairman Kim Yoon, who is also the chairman of Samyang Holdings.

Japan-Korea Economic Association Chairman Mikio Sasaki said he expects the two countries' governments to make progress in their talks, so that businesspeople in both countries can engage in economic activities without concerns.

Trade Minister Ahn Duk-geun emphasized the necessity of future-oriented economic cooperation between the two countries to cope with the supply chain crisis and climate change.

Korean Ambassador to Japan Kang Chang-il said that the government should not hinder the two neighboring countries' economic cooperation and expected them to accelerate efforts to improve bilateral relations under their new governments.

But Kazuchika Iwata, Japan's parliamentary vice minister of economy, trade and industry, warned that Korea-Japan relations could deteriorate further if the conflict over wartime forced labor intensifies even more.

Korea International Trade Association (KITA) Chairman Koo Ja-yeol proposed a collaboration between the two countries in the hydrogen industry to achieve carbon neutrality.

Among the 163 Korean participants were Lotte Group Chairman Shin Dong-bin, KB Financial Group Chairman Yoon Jong-kyoo, Samsung Electronics President Lee In-yong, POSCO Holdings President Chon Jung-son, SeAH Steel Vice Chairman Lee Hui-ryung, Poongsan Group Chairman Ryu Jin and TCC Steel Chairman Sohn Bong-rak.

There were 116 participants from Japan, including the top executives of the country's major conglomerates.

Businesspeople from the two countries have held the annual conference without a break since 1969, despite difficulties stemming from political disputes, economic crises and natural disasters, according to the KJE.

During the Moon Jae-in administration, Korea's economic cooperation with Japan weakened, since the Japanese government restricted the exports of key materials to Korea in retaliation against the Korean Supreme Court's ruling that ordered a Japanese firm to provide compensation for wartime forced labor.

However, the Yoon Suk-yeol administration has emphasized the importance of cooperation with Japan.

Earlier this month, Korea Chamber of Commerce and Industry Chairman Chey Tae-won said he seeks to visit Japan next month to celebrate the 100th anniversary of the founding of the Japan Chamber of Commerce and Industry.

KITA will also resume the exhibition of Korean products in Tokyo next month, for the first time in three years.

In July, the Federation of Korean Industries will hold a meeting with the Japan Business Federation.