During a business roundtable in Tokyo on Friday, President Yoon Suk Yeol affirmed his commitment to provide full support for cooperation between South Korea and Japan, in order to facilitate free exchange and foster innovative business opportunities between the two nations.

The meeting was held a day after President Yoon and his counterpart Fumio Kishida agreed to enhance economic cooperation between their respective nations.

Noting that he met with Kishida to cooperate to normalize the bilateral relationship, Yoon said, “The two countries will jointly cooperate and respond to various global agendas, including supply chains, climate change, advanced science and technology, and economic security."

He also believes that there is great room for cooperation between the two countries in the fields of future high-tech new industries, such as digital transformation, semiconductors, batteries and electric vehicles.

“The two governments will spare no support so that you can freely exchange and create innovative business opportunities,” he said.

Mentioning the Japan-South Korea joint declaration of 1998 signed by former President Kim Dae-jung and former Prime Minister Keizo Obuchi, Yoon stressed the importance of the exchange, participation and roles of future generations.

Yoon thanked the Federation of Korean Industries and the Japan Business Federation for creating a fund to solve pending issues between the two nations, hoping the growing exchanges will lead to stronger relationships.

From the Korean side, 12 businesspeople, including Kim Byong-joon, acting chairman of the Federation of Korean Industries, Kim Yoon, chairman of the Korea-Japan Economic Association, and five large conglomerate leaders of Samsung, SK, Hyundai Motor, LG and Lotte. From the Japanese side, 11 businesspeople, including Masakazu Tokura, chairman of Keidanren, or Japan Business Federation, and Mikio Sasaki, chairman of the Japan-Korea Economic Association.

It was the first time in 14 years that a Korean president has attended an event for Korean and Japanese business leaders since the Korea-Japan business conference held during former President Lee Myung-bak’s visit to Japan in June 2009. It was also the first time in 20 years that the heads of the five major conglomerates have all attended an event for Korean and Japanese businessmen.