Jeju: South Korean and Japanese business lobbies on Monday discussed ways to boost cooperation between the two countries in the artificial intelligence (AI) and semiconductor industries, along with key shared agendas, such as a population crisis. The Korea Chamber of Commerce and Industry (KCCI) and the Japan Chamber of Commerce and Industry (JCCI) held their annual conference on South Korea's southern resort island of Jeju, discussing ways to maintain momentum in bilateral exchanges.

According to Yonhap News Agency, "With shuttle diplomacy revived between the two countries, the leaders of South Korea and Japan have met five times, reaffirming that Seoul and Tokyo are important partners," Chey Tae-won, SK Group chairman who also serves as the head of the KCCI, was quoted as saying. Chey highlighted the need to respond to the global business environment and competition in cutting-edge technology, while also facing domestic challenges such as low birth rates, an aging population, and regional decline. He emphasized the potential for South Korea and Japan to jointly address these uncertainties and challenges.

Chey suggested that South Korea and Japan could pursue joint purchases of energy resources or share medical systems to tackle low birth rates and the aging population, which would help ease economic and social burdens. JCCI Chairman Ken Kobayashi expressed a similar sentiment, hoping for a cooperative relationship between the two countries rather than one based on competition.

During the event, the two business organizations issued a joint statement, vowing to strengthen coordination in maintaining an open global economic system while working to establish stable investment environments and supply chains for the AI, semiconductor, and energy industries. South Korean and Japanese businesses pledged to seek practical ways of cooperation with the private sector to address population decline, a major issue for both countries, including sharing policy and research experience.

The business lobbies also agreed to expand economic, tourism, and cultural exchanges in line with the rising number of flights between South Korea and Japan, the KCCI added.