Korea-Japan cooperation in industry “Whitelist recovery depends on Korea’s response”

◀ Anchor ▶

President Yoon attended the Korean-Japanese businessmen’s event held in Tokyo today, the first Korean head of state in 14 years.

At this meeting, President Yoon emphasized exchanges and cooperation between the companies of the two countries, but the Japanese government said, “It depends on Korea’s response.”

Reporter Kim Yoon-mi reports.

◀ Report ▶

On both sides of the table, entrepreneurs from both Korea and Japan sat facing each other.

From Korea, 12 representatives from the business world, including the heads of the five major conglomerates Samsung Electronics, SK, Hyundai Motor, LG, and Lotte, and 11 entrepreneurs from Japan attended.

President Yoon Seok-yeol emphasized that there is great room for cooperation between the two countries in the future cutting-edge new industries.

[윤석열 대통령]
″The two governments will spare no support so that you can freely exchange and create innovative business opportunities.″

It is the first time in 14 years that a Korean president has attended a Korean-Japanese business event.

Japanese Prime Minister Kishida was not present, and neither were the officials of Nippon Steel and Mitsubishi Heavy Industries, the defendants in the lawsuit for compensation for forced labor.

Japan announced yesterday that it would lift export restrictions on key semiconductor materials to South Korea, saying it “decided to continue talks” about restoring a so-called whitelist that simplifies export procedures.

Today, however, he turned to a principled position and emphasized corresponding measures by the Korean side.

[니시무라 야스토시/일본 경제산업상]
″There is nothing set at this time about the treatment of white countries. It depends on how the Korean side responds.”

Japan’s export regulations for semiconductor materials four years ago also served as an opportunity for Korean companies to become self-reliant in semiconductor materials, parts, and equipment.

There are 3 Korean companies in the 10th place in the global battery market share, while only one Japanese company is Panasonic.

Japan may be the one that needs cooperation in new industries such as semiconductors, batteries, and electric vehicles.

While Korea-Japan relations were straining, the trade deficit with Japan also increased, increasing by 25% from $19.16 billion in 2019 to $24.1 billion last year.

The industry has put forward expectations that the vitalization of economic exchanges between the two countries will speed up the recovery of exports to Japan.

This is Kim Yoon-mi from MBC News.

Video Editing: Nam Joo Nam