SK Group Chairman Chey Tae-won has proposed the formation of an economic partnership between Korea and Japan to proactively address the changes to the global economy caused by geopolitical conflicts and divisions.
“The era of a single global market has passed due to geopolitical conflicts, climate change, and a digital transformation,” Chey said in a special speech and welcome address at the Tokyo Forum 2023 at the University of Tokyo in Japan.
“Over the past one-year period, I have visited more than 40 countries and witnessed geopolitical tensions, and each country is creating rules and standards in partnership with their partners,” Choi said. “As the United States, the European Union, and China are creating their own markets, they are holding Korea and Japan at bay.”
Chey explained the rationale for the proposal for an economic union between Korea and Japan, saying, “Both countries are faced with shrinking labor forces, exports to China, and investment, so we both need to take more aggressive measures not only to grow but also to survive.”
“By forming an economic union, Korea and Japan need to change from rule takers to rule setters in the global marketplace,” Chey said.
“The combined gross domestic product of Korea and Japan is approximately US$7 trillion,” Chey said, “The economic union can be a powerful catalyst for the growth of both countries.”