Japan-S.Korea business leaders to boost semiconductor supply-chain network

Business leaders of Japan and South Korea say they will work together to strengthen the supply-chain network for semiconductors, as agreed in the Japan-South Korea summit meeting on May 7.

The Japan Business Federation, known as Keidanren, and the Federation of Korean Industries agreed in March to contribute 100 million yen, or about 740,000 dollars, each to set up new foundations in the two countries.

On Wednesday, the leaders of the two organizations said in a news conference in Tokyo that they will use the foundations to strengthen the supply-chain network for semiconductor production.

They said the foundations will also work on projects related to natural resources, energy security, and decarbonization.

The business leaders plan to promote cooperation among universities to enhance youth exchange programs between the two countries.

Keidanren Chairman Tokura Masakazu revealed that his organization set up its foundation on Tuesday.

Tokura says economic security has become an important issue. He adds the organization will coordinate with the government to work on the direction of the projects.

The head of the Federation of Korean Industries, Kim Byong-joon, said his organization will be a partner in providing a new system of problem solving, and a leader to make progress toward the future.