Chey Tae-won urges Korea, Japan to build shared economic strength

The head of Korea's major business lobby group on Monday stressed the need for closer economic cooperation with Japan, saying the two countries share many similarities and can serve as partners in expanding each other's markets.

Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), made the remarks in his opening speech at a meeting with his Japanese counterpart held in Sendai, Japan.

Chey said such efforts are crucial as Korea and Japan face a rapidly changing global economic environment and share similarities.

"Korea and Japan have many similarities in terms of their industrial structures, markets and technologies," Chey said. "The strengths of one country can make up for the weaknesses of the other."

Chey, who also heads Korea's SK Group, which includes chipmaker SK hynix, emphasized the importance of jointly building a larger market and industrial ecosystem.

"That is what I consider economic solidarity between Korea and Japan," he said.

The KCCI chief also suggested several areas for cooperation, including launching a pilot program allowing people to travel between the two countries without passports, helping startups in both countries achieve rapid growth through investment from the other country and sharing AI data to help shape global standards.

Yonhap