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The Korea Herald
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THE INVESTOR
July 16, 2024

Finance

S. Korea, Japan, China CEOs call for enhanced economic cooperation: survey

  • PUBLISHED :June 09, 2024 - 15:10
  • UPDATED :June 09, 2024 - 15:10
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From left: Tokura Masakazu, chairperson of the Japan Business Federation, Chey Tae-won, the SK Group chairman who doubles as chairperson of the Korea Chamber of Commerce and Industry, and Ren Hongbin, chairperson of the China Council for the Promotion of International Trade, attend the Korea-Japan-China Business Summit held at the KCCI headquarters in central Seoul on May 27. (Yonhap)

Major business leaders in South Korea, Japan and China unanimously agreed on the need to enhance economic ties, with the highest expectations placed on economic revitalization and supply chain stability, a recent survey conducted by the Korea Chamber of Commerce and Industry revealed Sunday.

The findings come from an on-site survey conducted at the trilateral business summit held on May 27 in Seoul, with 136 business leaders responding regarding their views on economic cooperation.

The survey highlighted a shared interest by all three nations in economic cooperation. Specifically, 82.4 percent of participants deemed it "definitely necessary," and the remaining, "necessary to some extent," with Chinese CEOs showing the highest support at 91.3 percent, followed by Koreans at 84.8 percent and Japanese at 70.5 percent.

Regarding the anticipated positive impact of multinational cooperation, 65.4 percent of respondents "strongly agreed" on its benefits, while the rest "agreed."

Anticipated effects of economic cooperation varied. Korean CEOs favored "economic revitalization" at 84.8 percent, while Japanese CEOs showed a preference of 54.5 percent. "Supply chain stability" followed for the two countries, with 10.8 percent of Korean CEOs and 27.3 percent of Japanese CEOs selecting it. Chinese CEOs prioritized "supply chain stability" at 84.8 percent, with only 4.3 percent focusing on "economic revitalization" and 8.7 percent on alleviating low birth rates and problems associated with an aging society.

As for the most paramount tasks for cooperation, the majority of Japanese CEOs highlighted responding to climate change at 54.5 percent, while Korean CEOs roughly equally prioritized climate change at 23.9 percent and the financial sector at 26.1 percent. Chinese CEOs underscored medical cooperation and addressing aging at 30.4 percent, followed by climate change at 23.9 percent.

All three countries agreed that expanding communication and exchanges at the private level was the most necessary effort to bolster economic cooperation, with 52.9 percent responding so. Strengthening diplomatic cooperation followed next at 25 percent, with expanding technological exchanges at 15.5 percent.

"We found a near-complete consensus on the need for economic cooperation and its benefits among major CEOs of the three countries," said Park Il-jun, executive vice chair of the KCCI. "We plan to create a consultative body and develop joint research projects to address each country's priority tasks and anticipated effects."

During the May 27 event, co-hosts KCCI, Japan Business Federation and China Council for the Promotion of International Trade issued a joint statement to boost economic cooperation, including the establishment of a three-way private sector consultative body.

By Choi Ji-won (jwc@heraldcorp.com)

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