"South Korea and Japan Face Common Challenges Like Aging Population and Resource Shortages... Many Opportunities for Cooperation" Ministry of Foreign Affairs Discusses 'Economic Security Partnership'

Ministry of Foreign Affairs Holds 'Economic Security Diplomacy Advisory Meeting'
Discussing Partnership Measures Following the Summit Visit to Japan

On the 23rd, the Ministry of Foreign Affairs held an 'Economic Security Diplomacy Advisory Meeting' chaired by Lee Mi-yeon, Director General of the Bilateral Economic Diplomacy Bureau. The meeting was convened to discuss response measures for the new Korea-Japan economic security partnership following the summit visit to Japan.

The advisory committee members attending the meeting emphasized that since Korea and Japan face similar challenges such as aging populations and resource shortages, and have many areas for cooperation, the two countries should use the improvement of relations as a stepping stone to begin restoring previously suspended cooperative projects.

The event was attended by 11 advisory committee members from various fields including academia, national and private research institutes, industry, and the legal sector. From the Ministry of Foreign Affairs, Lee Mi-yeon, Director General of the Bilateral Economic Diplomacy Bureau, Seo Min-jung, Director General of the Asia-Pacific Bureau, and Kim Ji-hee, Counselor of the Bilateral Economic Diplomacy Bureau (Director of the Economic Security Diplomacy Center), were present.

[Image source=Yonhap News]

During the meeting, the advisory committee members urged efforts to solidify the foundation for cooperation through mutual trust-building between the two countries in the field of economic security. They proposed exploring cooperation in various sectors including advanced industries such as semiconductors and batteries, as well as supply chains and energy.

They also requested government support utilizing overseas diplomatic missions to help companies from both countries pioneer new markets through joint ventures in third countries by leveraging strengths in finance, manufacturing, and construction. Inspired by the common challenges of aging populations and resource shortages faced by Korea and Japan, they suggested identifying mutually beneficial cooperative projects.

In particular, given that the semiconductor industry structures of the two countries are competitive yet complementary, the need for strategic cooperation was also raised.

Director General Lee stated that, with a turning point achieved in normalizing Korea-Japan relations, the existing economic diplomacy cooperation channels between the two countries will be promptly restored.

He also announced that efforts will be actively made to hold a new economic security dialogue called the 'Korea-Japan Economic Security Dialogue,' and that close cooperation with Japan will continue in various economic security-related bilateral and multilateral consultative bodies such as the East Asia Semiconductor Supply Chain Resilience Working Group, IPEF, and the Minerals Security Partnership (MSP).

The Economic Security Diplomacy Advisory Committee was established in March last year to provide advice on the Ministry of Foreign Affairs’ overall economic security diplomacy policy and the operation of the Economic Security Diplomacy Center. It consists of 16 experts in fields including diplomacy and security, supply chains, digital and emerging technologies, and law.

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