Keidanren Kaikan Building
17:37 JST, May 25, 2024
The Japan Business Federation (Keidanren) on Friday announced its plan to expand joint projects with its South Korean counterpart based on their partnership funds, aiming to help improve bilateral ties.
The Japanese business group said its member companies have donated more than 200 million yen, exceeding the 100 million yen target for the Japan-Korea Korea-Japan Future Partnership Funds. With the donations, Keidanren wants to further improve exchange and cooperation between staff and companies in Japan and South Korea.
The funds were established as a voluntary measure by Keidanren and his South Korean counterpart in response to the government of South Korean President Yoon Suk Yeol presenting a resolution to a series of lawsuits involving former wartime advanced workers from the Korean Peninsula .
Keidanren has used the funds to promote collaboration between startups in the two countries and other exchange programs, as the two governments work to build a forward-looking relationship.
Keidanren did not reveal the names and details of the companies that donated to the funds. However, it appears that the Japanese companies that were the defendants in the lawsuits, for which judgments were issued ordering them to pay damages, are not among the donors.
Since the compensation issue remains unresolved, a South Korean government-affiliated foundation has paid the plaintiffs amounts equal to the compensation.
When Japan’s Ministry of Internal Affairs and Communications issued an administrative order to LY Corp., which operates the Line app, it caused controversy in South Korea as Naver Corp., a tech giant in the country, is a major shareholder of LY.
With Friday’s announcement, Keidanren likely wants to show that his policy to help improve relations between Japan and South Korea has not changed.
