Business lobbies of South Korea and Japan will hold their annual meeting early next week to discuss joint projects between the business communities of the neighboring countries, industry sources said Friday.

The 30th Korean-Japan Business Council, co-hosted by the Federation of Korean Industries and the Japan Business Federation, or Keidanren, will take place over two days in Tokyo from Wednesday.

Members of the FKI leadership, including Chairman Ryu Jin and Vice Chairman Kim Chang-beom, are expected to attend the gathering first held in 1982.

The last meeting was held in July 2022 in Seoul. Next week's gathering will mark the first held in Tokyo since November 2019.

The two sides are expected to discuss joint projects involving a bilateral partnership fund created in March of last year to promote private exchanges between the two countries.

The FKI and Keidanren have each agreed to donate 1 billion won ($762,195) and 100 million yen, respectively, to the fund. Observers say the two sides could come up with concrete measures in terms of the management of the fund.