Major business groups in Japan and South Korea say they will each establish a foundation to cooperate in resolving common issues, such as decarbonization and energy security.
The heads of the Japan Business Federation, known as Keidanren, and the Federation of Korean Industries, or FKI, made the announcement at a news conference on Thursday.
Each organization is expected to contribute 100 million yen, or about 750,000 dollars, to the new foundations to be set up in each country around June.
Through the foundations, the two organizations will cooperate in the fields of green transformation, which is aimed at achieving a carbon-neutral society, and energy security.
They will also promote exchanges between Japanese and South Korean youths.
The chairman of Keidanren, Tokura Masakazu, said that Japan and South Korea are facing common geopolitical risks and social problems. He said that it is essential for the two neighbors to cooperate as partners.
The FKI's Acting Chairman, Kim Byong-joon, said that the two organizations are about to make a meaningful step toward a future-oriented partnership.