"Korea-Japan cooperation is not a one-off event. It is the path toward laying the groundwork for a sustainable, executable community built on deep trust."
Chey Tae-won, chairman of SK Group and chair of the Chey Jong-hyun Academic Foundation, attended the Nikkei Forum "Korea-Japan special session" at the Imperial Hotel in Tokyo on the 9th and discussed ways to realize a Korea-Japan economic coalition with political and business figures from both countries. Chey stressed that for Korea and Japan to survive amid a rapidly changing world order, the two countries need an economic coalition.
The event was hosted by the leading Japanese business daily Nihon Keizai Shimbun (Nikkei) and planned by SK and the Chey Jong-hyun Academic Foundation. Under the theme "multifaceted economic cooperation supporting a solid Korea-Japan relationship," it was held with more than 300 political and business figures from both countries in attendance.
The Nikkei Forum is an event Nikkei launched in 1995 under the theme "the future of Asia" to seek coexistence and development of the Asian community. This year, sharing Chey's vision for a Korea-Japan economic coalition, it organized the first Korea-Japan special session.
The keynote speeches were delivered by former Japanese Prime Minister Fumio Kishida and former National Assembly Speaker Kim Jin-pyo. Kishida said, "To build a future-oriented and stable relationship between the two countries, we need to strengthen economic exchanges in areas such as supply chains, energy and AI," adding, "Cooperation between the two countries will also provide clues to solving social issues we both face, including capital-area concentration and aging." Kim Jin-pyo responded, saying, "Korea and Japan, which share the values of a market economy and democracy, must hold each other's hands firmly in this time of global upheaval."
Prime Minister Kim Min-seok also reaffirmed the will to advance bilateral cooperation in a video congratulatory message, saying, "The government will do its best to achieve results that people in both countries can truly feel," using the Korea-Japan special session as an opportunity.
Chey held a dialogue on the theme "the direction for Korea and Japan amid increasingly complex international affairs" with Tokura Masakazu, adviser to Sumitomo Chemical (former chairman of Keidanren, the Japan Business Federation), and Kato Masahiko, president of Mizuho Bank.
Chey emphasized that the rationale he cited when he first proposed a Korea-Japan economic coalition in 2024 has become even clearer. Structural low growth driven by population decline due to low birthrates and aging, the free-trade order built since 1995 being challenged by tariff barriers and export controls, and the reality of energy supply chain instability caused by the Strait of Hormuz crisis as power demand surges with the spread of artificial intelligence (AI) are the reasons.
Regarding the Korea-Japan economic coalition, Chey reiterated that it provides solutions to these pending issues, saying, "It will lay the groundwork for Korea and Japan to leap forward as 'rule makers' creating a new international order." Citing energy, artificial intelligence (AI) and responses to aging as examples, he said, "As the two countries face multiple social problems and must pay significant expenses, a Korea-Japan economic coalition will drive growth and a transition to a low-expense structure."
On energy, he said, "If the two countries, whose energy industry structures are similar, cooperate across all areas, including procurement, introduction and stockpiling, society's basic expenses will decrease," adding that the justification for energy cooperation is that "energy is security."
On AI, he said, "Amid technological hegemony by the United States and China, Korea and Japan need to secure economies of scale and bargaining power," proposing that the two countries jointly pursue an "AI factory" to expand scale and improve efficiency. For healthcare to address an aging society, he also proposed lowering medical barriers between the two countries to share each side's healthcare capabilities and reduce the necessary expenses.
He cited "semiconductors" and "AI" as the two countries' core strategies to reignite growth. Memory semiconductors, where Korea is strong, and Japan's robust industrial ecosystem are "strategic weapons that are hard for anyone to touch." Chey emphasized, "We should broaden the scope of Korea-Japan cooperation to AI infrastructure and commercialize it for export," adding, "Economic cooperation that builds a low-expense structure from small to large is the solution to overcoming geopolitical threats."
Lastly, Chey urged that Korea-Japan cooperation, which is spontaneously emerging across society, should not be swayed by external factors such as differences in regulations and standards or short-term political situations and uncertainties. As a way to address this, he proposed that the two governments establish a standing platform in the form of a "big tent" that consolidates Korea-Japan cooperation agendas.
Chey said, "Let the two governments create a standing platform that consolidates cooperation agendas across corporations, academia and youth, and proactively discuss the difficulties in promoting Korea-Japan cooperation there," adding, "If, through a Korea-Japan economic coalition, the combined size of the two economies not only exceeds the simple sum of $6 trillion but also generates synergy worth about $1 trillion, it can give hope to the younger generation living in an era of low growth."