Sendai: The head of South Korea's leading business lobby group emphasized the importance of strengthening economic collaboration with Japan, highlighting the potential for mutual market expansion due to shared similarities between the two nations. Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), delivered these remarks during his opening speech at a meeting with his Japanese counterpart in Sendai, Japan.

According to Yonhap News Agency, Chey stressed the necessity of these efforts, citing the rapidly evolving global economic landscape. He pointed out that South Korea and Japan have comparable industrial structures, markets, and technologies, suggesting that the strengths of one country could compensate for the weaknesses of the other. Chey, who also leads South Korea's SK Group, including chipmaker SK hynix Inc., underscored the significance of collaboratively developing a larger market and industrial ecosystem.

The KCCI chief proposed several areas for cooperation. These include initiating a pilot program to allow travel between the two countries without passports, facilitating rapid startup growth through mutual investment, and sharing artificial intelligence data to help establish global standards. Chey described these initiatives as vital steps towards achieving economic solidarity between South Korea and Japan.