What are JETRO’s top priorities and focus areas when it comes to promoting trade and investment between South Korea and Japan?
JETRO has been implementing its 6th Mid-Term Plan since April 1, 2023. The plan consists of four pillars: (1) Formation and strengthening of an ecosystem where capital, technology and human resources circulate domestically and internationally; (2) Promotion of the global market development of agricultural, forestry, fishery and food products; (3) Support for overseas expansion of Japanese companies, including small and medium enterprises; and (4) Addressing common issues in overseas expansion and trade policy for Japanese companies. The promotion of trade and investment between Japan and Korea is also based on these four pillars, with particular emphasis on the promotion of exchange between Japanese and Korean startups and support for the development of agricultural, forestry, fishery and food exports to Korea.
Which sectors or industries in South Korea present notable growth potential and investment opportunities for Japanese businesses?
Traditionally, Japanese companies that have entered Korea have done business mainly with major Korean companies, concentrating on fields such as electronics and petrochemicals. However, in the future, in addition to these core industry sectors, carbon neutrality, ESG and exchange among startups should also be the focus of attention.
Could you provide examples of successful partnerships or collaborations between Korean and Japanese companies?
There are already many examples of alliances between Japan and Korea in third countries. The fields range from energy and resource development to petrochemicals, batteries and many others.
How do you expect the restoration of South Korea to Japan’s preferred trading partners list to impact bilateral trade and export procedures?
The simplification of trade administration is a welcome move and will certainly facilitate trade between Japan and Korea. However, the existing trade control system has not been a barrier to trade, it merely requires more procedures, so there is not expected to be a significant change in the volume of trade.
In what ways can this development further strengthen trade and investment ties between the two countries?
Cooperation between Japan and Korea in third countries is being actively promoted by the business communities of the two countries and is expected to attract further attention. In particular, I believe that cooperation between Japan and Korea in third countries will bring synergies such as supply chain stabilization and resilience.
Supporting Insights from Japan Airlines
Japan Airlines has had a strong partnership with Korean Air since 2014, codesharing on all Japan-Korea routes. Korean Air has also been our longstanding mileage partner.
Together with Korean Airlines, Japan Airlines maintains an extensive network between Japan and Korea. This collaboration has not only strengthened our network but has also brought our two nations closer together, enabling many people to experience the unique cultures of both countries. With the acclaimed service of Japan Airlines and Korean Air, we are committed to providing our customers with an excellent experience.