SK Group Chairman Chey Tae-won has proposed the formation of a Korea-Japan Economic Cooperation to actively address the global economic blockade caused by geopolitical conflicts and divisions.
"The era of a single global market has passed due to geopolitical conflicts, climate change, and digital transformation," Chairman Chey said in a special speech at the Tokyo Forum 2023 welcome ceremony held at the University of Tokyo in Japan on November 30, adding, "Let's break through the crisis of global division by forming a trilateral economic union."
"Over the past year, I have visited more than 40 countries and witnessed geopolitical tensions, and each country is creating rules and standards in partnership with its partners," Chey said. "As the United States, the European Union (EU), and China are creating their own markets, Korea and Japan are facing difficulties."
Chey explained the rationale behind the proposal for an economic union between Korea and Japan, saying, "Faced with declining labor force, exports to China, and investment, both countries need to take more aggressive measures to not only grow but also survive."
"By forming an economic union, we can move from being rule takers to rule setters in the global marketplace," Chey said.
"The combined gross domestic product (GDP) of Japan and South Korea is approximately $7 trillion," he said, "and an economic union can be a powerful catalyst for the future development of both countries."
"Both countries have strengths in industries such as semiconductors, electric vehicle batteries, pharmaceuticals, and renewable energy," he said, "and there are also many potential areas for new initiatives such as LNG and startup platforms."
"Especially this year, bilateral relations between Korea and Japan have been very good," Chey added, "and we should not miss this opportunity."
Meanwhile, the Tokyo Forum, which has been co-hosted by SK Group and the University of Tokyo since 2019 in honor of the late President Chey Jong-hyun's philosophy of human resource development, was held for two days from March 30 under the theme "Cultivating Humanity in an Era of Social Fragmentation and Digital Transformation".
