FKI-GEIDANREN Establish Future Partnership Fund... Each Contributes 1 Billion Won

"Uncertainty Over Defendant Companies' Participation in Forced Labor Compensation Lawsuit"

Leading business organizations from Korea and Japan announced on the 16th the establishment of the "Korea-Japan / Japan-Korea Future Partnership Fund." Each organization decided to contribute 1 billion KRW to create the fund. They did not clearly state whether defendant companies in the forced labor compensation lawsuits, Mitsubishi Heavy Industries and Nippon Steel, would participate in the fund.

The Federation of Korean Industries (FKI) and Keidanren (Japan Business Federation) held a joint press conference at the Keidanren Hall in Tokyo that afternoon and declared their partnership.

The two organizations stated, "The Korean government announced measures to resolve the forced labor issue, and the Japanese government evaluated these as steps to restore Korea-Japan relations to a healthy state," adding, "Exchanges in political, economic, and cultural fields between Korea and Japan are expected to expand."

They also said, "Through holding Korea-Japan business meetings, we have repeatedly reviewed ways to strengthen economic exchanges between the two countries," and "On this occasion, to firmly establish a path for building a future-oriented Korea-Japan relationship, both organizations have decided to undertake joint projects."

As part of the joint projects, the two organizations will each establish the "Korea-Japan Future Partnership Fund" (FKI) and the "Japan-Korea Future Partnership Fund" (Keidanren). Kim Byung-joon, Acting Chairman of FKI, will oversee the Korea-Japan fund, while Tokura Masakazu, Chairman of Keidanren, will oversee the Japan-Korea fund. They will form a steering committee co-chaired by the two, with both organizations serving as secretariats.

Kim Byung-joon, Acting Chairman of the Federation of Korean Industries (left), and Tokura Masakazu, Chairman of Keidanren (Japan Business Federation), announced the establishment of the "Korea-Japan Future Partnership Fund" on the 16th at the Keidanren Hall in Chiyoda-ku, Tokyo.
[Photo by Federation of Korean Industries]

Chairman Tokura explained the fund's name, saying, "It is intended to return to the Korea-Japan Partnership Joint Declaration announced in 1998 by President Kim Dae-jung and Prime Minister Obuchi Keizo," adding, "There are many specific details, but these will be decided through consultation and review."

The two organizations stated, "Through the fund, we will study the future direction and cooperation methods that the two countries should pursue within the new international order and undertake projects to solve common challenges," and "We will further expand and strengthen economic relations between the two countries by promoting exchanges of young talent, among other initiatives."

At the press conference, Acting Chairman Kim and Chairman Masakazu said there are many areas requiring cooperation, including energy, digital transformation (DX), low birthrate, aging population, and Sustainable Development Goals (SDGs). Chairman Tokura said the fund will start with 200 million yen, with each organization contributing 100 million yen (approximately 1 billion KRW).

They avoided giving a direct answer regarding whether Mitsubishi Heavy Industries and Nippon Steel would participate in the fund.

Acting Chairman Kim stated, "It is not individual companies contributing, but FKI and Keidanren that are making the initial contributions," adding, "Participation depends on the decisions of individual companies." Chairman Tokura also said, "We are not specifically considering Mitsubishi Heavy Industries and Nippon Steel," and "It will depend on the projects undertaken by the fund."

This content was produced with the assistance of AI translation services.