The chambers of commerce of South Korea and Japan agreed Friday to work together to promote Busan's bid to host the 2030 World Expo, the Korea Chamber of Commerce and Industry said.

The agreement was reached between the KCCI and the Japan Chamber of Commerce and Industry during a meeting held on Friday in Busan, attended by KCCI Chair Chey Tae-won and JCCI Chair Ken Kobayashi.

Under the partnership, the KCCI will support its Japanese counterpart for a successful opening of the Osaka-Kansai Expo in 2025, while the JCCI will cooperate with the KCCI to attract the Busan World Expo in 2030.

South Korea is currently competing with Italy, Ukraine and Saudi Arabia to host the World Expo in 2030. The winner will be announced in November.

"The Busan Expo (bid) can be described as part of an effort to address global challenges, and we would like to connect it with the upcoming Expo 2025 in Osaka, Japan, as one solution platform," KCCI Chair Chey said during the meeting.

The JCCI Chair Ken Kobayashi also noted, "I do hope that the 2025 Osaka Kansai Expo and the 2030 Busan Expo bid will offer us a chance to revive various exchanges, from the regional exchanges between sister cities and tourism, to culture and education, and that mutual understanding will be deepened."

The latest meeting between the leaders of the business lobbies was held for the first time in six years, amid improving diplomatic relations between the two countries. The ties dramatically improved in recent months after South Korea proposed in March that it will compensate the Korean victims of Japan's wartime forced labor internally and not ask for contributions from the Japanese companies that had originally used the force labor.

Previously, the meeting had been held every year until the last one in 2018, after which, bilateral relations between the two countries soured.

Meanwhile, in line with recovering bilateral ties between Korea and Japan, the two chambers of commerce have also agreed that they will increase cooperation in a wide range of sectors involving carbon neutrality, cybersecurity, digitalization, startups and other economic issues surrounding their aging and shrinking populations.

They also plan to promote partnerships in tourism, culture and the education sector to increase exchanges between the countries, according to the statement.

“(The chambers) will seek detailed measures in collaboration with other business groups down the road," the KCCI said in its statement.