Latest news with #57thSouthKorea-JapanBusinessConference
Korea Herald
28-05-2025
- Business
- Korea Herald
S. Korean, Japanese biz leaders agree to boost cooperation in AI, chips, CPTPP entry
Business leaders of South Korea and Japan on Wednesday agreed to expand bilateral cooperation in artificial intelligence, semiconductors and other key sectors while supporting Seoul's efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The agreement was part of a joint statement adopted during the 57th South Korea-Japan Business Conference held in Seoul, which brought together some 300 business and economic representatives from the two countries for an annual two-day meeting that began Tuesday. "On the occasion of the 60th anniversary of the normalization of diplomatic ties (between Seoul and Tokyo), we reaffirm the trust and friendship built over the years and hope to collaborate for the bright future of South Korea, Japan and the world," the Federation of Korean Industries said in a joint statement. Specific areas of cooperation include carbon neutrality, hydrogen energy, AI and semiconductor industries, as well as the bio and health care sectors. They also agreed to collaborate on addressing social challenges, such as the two countries' low birth rates and aging populations. On South Korea's bid to join the CPTPP, the participants agreed to support preliminary measures by relevant organizations to facilitate the move. The CPTPP is a major Indo-Pacific trade pact comprising 12 countries, including Japan, Australia, Canada, Britain and Vietnam, that together accounted for about 15.2 percent of global trade as of 2019. Business leaders from South Korea and Japan have voiced shared concerns over the United States' growing protectionist stance and the escalating US-China rivalry. In response, they emphasized the importance of strengthening bilateral economic cooperation between the two countries. At a press conference following the release of the joint statement, Kim Yoon, co-chairman of the Korea-Japan Economic Association, said, "Trade pressure from the new US administration and China's rapid technological advancement have emerged as major challenges for both Korea and Japan." There appear to be some views suggesting the two countries consider a joint response to US trade pressure, he added. His Japanese counterpart, Yutaka Aso, vice chairman of the Japan-Korea Economic Association, said, "Korea and Japan are not rivals, but partners who need to build a solid foundation for cooperation," citing a growing sense of urgency in both countries over US President Donald Trump's "America First" policies and the prospect of a more assertive China. Asked if he had a message for South Korea's incoming administration, Aso urged the new government to prioritize Korea-Japan relations and push forward necessary reforms. (Yonhap)
Hans India
28-05-2025
- Business
- Hans India
South Korean, Japanese biz leaders agree to boost cooperation in AI, chips
Seoul: Business leaders of South Korea and Japan on Wednesday agreed to expand bilateral cooperation in artificial intelligence (AI), semiconductors and other key sectors while supporting Seoul's efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The agreement was part of a joint statement adopted during the 57th South Korea-Japan Business Conference held in Seoul, which brought together some 300 business and economic representatives from the two countries for an annual two-day meeting, reports Yonhap news agency. "On the occasion of the 60th anniversary of the normalization of diplomatic ties (between Seoul and Tokyo), we reaffirm the trust and friendship built over the years and hope to collaborate for the bright future of South Korea, Japan and the world," the statement read. Specific areas of cooperation include carbon neutrality, hydrogen energy, AI and semiconductor industries, as well as bio and health care sectors. They also agreed to collaborate on addressing social challenges, such as low birthrates and aging populations. On South Korea's bid to join the CPTPP, the participants agreed to support preliminary measures among relevant organizations to facilitate the move. The CPTPP is a major Indo-Pacific trade pact comprising 12 countries, including Japan, Australia, Canada, Britain and Vietnam, that together accounted for about 15.2 percent of global trade as of 2019. South Korean stocks finished markedly higher to hit a three-month high on Wednesday, driven by gains in tech shares, as the United States' temporary pause on tariffs against the European Union boosted investor appetite for risky assets. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 32.93 points, or 1.25 percent, to close at 2,670.15. It marked the highest level since February 19, when the index finished at 2,671.52. Trade volume was moderate at 403.25 million shares worth 11.16 trillion won (US$8.11 billion), with winners beating losers 579 to 308.
