Sohn Kyung-shik, left, chairman of the Korea Enterprises Federation (KEF), listens as Japanese Ambassador to Korea Koichi Mizushima speaks during a conference to boost bilateral economic and business partnerships between the two countries, at a hotel in Seoul, Tuesday. Courtesy of KEF

Sohn Kyung-shik, chairman of the Korea Enterprises Federation (KEF), invited Japanese Ambassador to Korea Koichi Mizushima for talks to deepen Korea and Japan's economic partnership, the labor-centered business lobby said Tuesday.

"Once Korean and Japanese companies collaborate with each other to stabilize the international supply chain and forge more ties in new tech areas, this will contribute to bringing peace and prosperity across the globe," Sohn said.

He underscored the dire need for both countries to tighten their business-wise alliance amid escalating internal and external risks.

"Both countries face challenging tasks, such as low birthrates, aging populations and climate change, and international affairs become more and more grave, with North Korea repeating test-launches of long-distance missiles," the KEF chief said.

According to the business lobby, the trade between Korea and Japan was worth $76.6 billion (107 trillion won) as of 2023, and the number of their worker exchanges already topped 10 million this year, on course to set a new yearly high.

"Companies from both countries are on track to deepen their partnerships particularly in digital and eco-friendly tech areas, along with semiconductors and cars," Sohn said.

He also urged the Korean and Japanese governments to step up policy support, so companies from both countries can continue making investments and creating jobs under their bilateral supply chain collaboration framework.

The KEF has held the event since 2020 by inviting the Japanese ambassador, intending to fortify Korea-Japan economic ties and support Korean firms doing business in Japan.

A group of business leaders, including Hanwha Aerospace CEO Shin Hyun-woo and LX Pantos CEO Lee Yong-ho, took part in this year's event. They also exchanged their views on the need to build a future-oriented economic and business relationship between the two countries, according to the KEF.