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Asia News UAE News

Al Marri visits Samsung HQ in South Korea

The UAE delegation was in Seoul to participate in the eighth UAE-Korea Joint Economic Committee…reports Asian Lite News

Abdullah bin Touq Al Marri, Minister of Economy, led the UAE delegation on a visit to Samsung’s headquarters in the Republic of Korea to learn about the company’s future expansion and investment plans and strengthen its partnership with the UAE market. The Minister was received by Oh-Hyun Kwon, CEO and Vice President of Samsung Electronics.

The UAE delegation was in Seoul to participate in the eighth UAE-Korea Joint Economic Committee aimed at strengthening the existing economic and trade ties and exploring new opportunities for cooperation and investment partnerships with the Korean private sector.

Bin Touq emphasised that thanks to the directives of its wise leadership and the competitiveness of its legislative and economic environment, the UAE has succeeded in establishing a stable and attractive investment climate for the technology and the new economy sectors. The country has today become a major trading and investment hub for several leading global companies, which has further contributed to the growth of its FDI balance, attracting more foreign investors from around the world.

Furthermore, Bin Touq highlighted the measures adopted by the UAE to drive investments and expansion in new economic sectors, acknowledging its importance in building the future economy and achieving sustainable economic and social development. A wide array of future-oriented economic legislation and policies were introduced to this end, most notably the issuance of new laws on cooperatives, family enterprises, business transactions and trade records, in addition to the launch of the Comprehensive Economic Partnerships (CEPA) programme to strengthen its partnership with strategic global markets.

Bin Touq said, “Korean FDI in the UAE continues to grow, totalling AED 8.1 billion (US$2.2 billion) by the beginning of 2021 with a 73 percent growth compared to that of early 2013. Today, the Republic of Korea is one of the top 20 foreign investors in the UAE. Their investments span several economic and trade sectors including insurance, mining, financial services, retail, real estate, transport, energy and technology.”

He added, “Over the past 12 months, 200 new Korean companies have entered the country’s markets, taking the total number of economic licenses obtained by Korean companies operating in the UAE to nearly 1,100, up 22 percent compared to 900 in June 2022.”

During the visit, the UAE Minister was briefed on the progress of work and production at the Samsung headquarters and the modern digital technologies used in the production of electronic chips, screens and smartphones.

ALSO READ: Emiratisation extended to small businesses

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-Top News Asia News Defence

S.Korea takes on rising drone threats

The system is expected to be able to detect small-sized drones and neutralise them by jamming their signals….reports Asian Lite News

South Korea plans to introduce an integrated defence system to counter hostile unmanned aircraft at key military and government facilities for the first time, officials said Thursday.

The Defence Acquisition Program Administration (DAPA) recently put up a notice for the 48.5 billion won ($37.2 million) project on its procurement website as Seoul has sought to bolster anti-drone capabilities after North Korea’s drone incursions late last year, reports Yonhap News Agency.

Under the project, DAPA seeks to purchase the counter-drone system to be operated by the Army, the Navy and the Air Force from local companies.

It will accept bids through August 8.

The system is expected to be able to detect small-sized drones and neutralise them by jamming their signals.

“In order to prepare against various North Korean unmanned assets and drones, DAPA is enhancing substantive response capabilities,” DAPA spokesperson Col. Choi Kyung-ho told a regular press briefing.

“We will make efforts so that the project for the integrated anti-drone system for key areas can be carried out in a timely way.”

Last December, five North Korean drones intruded across the inter-Korean border, with one of them having penetrated a no-fly zone close to the presidential office in Seoul.

South Korea has since made efforts to beef up anti-drone measures, with the military planning to launch a drone operations command tasked with various missions utilising the unmanned assets, including surveillance, reconnaissance and strike operations, later this year.

The military is currently considering various locations for the envisioned unit, although it is pushing for its establishment in the northern city of Pocheon, Col. Lee Sung-jun, spokesperson for the Joint Chiefs of Staff, said in the briefing.

ALSO READ: YouTube opens its official shopping channel in South Korea

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Asia News Business

S. Korea’s  $230 mn fund to boost chip industry

Qualcomm heralds new 5G mobile era with Snapdragon 888 chip.

The remaining 150 billion won will come from private investors, it added. The largest-scale fund for the semiconductor industry is expected to be launched within this year, reports Yonhap news agency…reports Asian Lite News

South Korea will create a fund worth 300 billion won ($229.25 million) to ensure the stable value chain of the chip industry by strengthening the logic chip sector and related materials, parts and components firms, the industry ministry said on Monday.

Samsung Electronics and SK hynix vowed to invest a combined 75 billion won, and the Korea Development Bank, the Industrial Bank of Korea and several other entities will extend another 75 billion won of policy financing for a parent fund, according to the Ministry of Trade, Industry and Energy.

The remaining 150 billion won will come from private investors, it added. The largest-scale fund for the semiconductor industry is expected to be launched within this year, reports Yonhap news agency.

The fund, in particular, is aimed at supporting fabless companies and those making materials, components and equipment of the chip industry so as to strengthen the overall “ecosystem” of the industry, as they are struggling with raising funds amid the industry downcycle and recent interest rate hikes, according to the ministry.

The country launched the 240 billion-won fund in 2017 to spur industry growth and the separate one worth 120 billion won in 2020, and both are expected to run out around next year.

“This fund is expected to help make the South Korean version of Nvidia that will lead the country’s chip industry. The government will continue to extend various supportive measures,” First Vice Industry Minister Jang Young-jin said.

The semiconductor industry is the backbone of the country’s economy, and the government has vowed all-out efforts to support the industry by easing regulations, offering greater incentives for investment and nurturing talent.

Earlier this year, the National Assembly passed a revision of the Act on Restriction of Special Taxation, also dubbed the K-Chips Act, which centers on expanding the tax credit rate for chipmakers.

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Business Social Media Tech Lite

YouTube opens its official shopping channel in South Korea

YouTube.

This is the first time YouTube is opening an official shopping channel in any country in the world…reports Asian Lite News

Google-owned YouTube will launch its official shopping channel in South Korea for live commerce later this month for the first time in the world, people familiar with the matter said on Wednesday.

The new channel, set to open on June 30, will provide a live commerce platform to companies and plans to livestream shopping content with about 30 brands at launch, according to the people.

This is the first time YouTube is opening an official shopping channel in any country in the world.

“YouTube is committed to building an engaging, informative and entertaining shopping experience for all users, including in Korea. To do this, we may experiment with a variety of YouTube Shopping features from time to time as we continue to work hard to optimize and deliver the best experience for our users,” a YouTube official told Yonhap News Agency, without providing details.

Last year, YouTube rolled out a new shopping tab in its Explore section, allowing eligible creators to tag products in their livestreams or list products under their videos, and viewers to purchase those products.

During Alphabet’s fourth quarter 2022 earnings call, Philipp Schindler, the chief business officer of the company, said Alphabet will focus on making YouTube more “shoppable,” as part of efforts to foster more creators, which will lead to more content and viewers, and ultimately more opportunities for advertisers. Alphabet is the parent company of Google and YouTube.

“It’s still nascent, but we see lots of potential and making it easier for people to shop from the creators, brands and content they love,” Schindler said.

YouTube saw its revenue from ads falling 2.6 per cent (year-on-year) in the March quarter — third quarter in a row that its ad revenue has decreased.

YouTube logged $6.69 billion in advertising revenue for the quarter that ended March 31, compared to $6.87 billion during the same period last year.

The company, however, is seeing growth in Shorts as watch time and monetisation is “progressing nicely”.

“People are engaging and converting on ads across Shorts at increasing rates,” according to Schindler.

ALSO READ-YouTube stops removing fake US presidential poll fraud claims

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-Top News Asia News China

Seoul seeks to counter China’s ‘economic coercion’

Experts believe Yoon’s attendance at the G7 summit, indicate that Seoul has joined efforts against china’s economic coercion….reports Asian Lite News

Despite the fact that China is South Korea’s largest commercial partner, observers say Seoul’s growing connections with the United States and other wealthy democratic countries demonstrate its desire to offset Beijing’s economic pressure, reported Voice of America.

After a month of diplomacy that included summits with the US and G7 leaders, South Korean Foreign Minister Park Jin stated Wednesday at a hearing in Seoul that “reducing our reliance on China” and “diversifying our trading partners will help our economy.” President Yoon Suk Yeol convened a Cabinet meeting on Monday following the G7 summit in Hiroshima, Japan, and stated that he had “secured the basis of cooperation” with G7 countries such as Canada, Australia, and Germany on “safeguarding supply chain networks” in crucial minerals and semiconductors, as per Voice of America.

Voice of America (VOA) is a US-based international broadcaster, that provides news and information in more than 40 languages.

South Korea was invited to the May 19-21 summit by Japan as a non-member of the G7, which comprises the United States, the United Kingdom, Canada, France, Germany, Italy, and Japan.

Seven of the world’s wealthiest countries said in a joint press release on Saturday that they would “foster economic resilience” and oppose Beijing’s “economic coercion” and “malign practises” by “de-risking and diversifying” their trade away from China.

In a separate statement issued the same day, they stated that countries that “attempt to weaponize economic dependencies” will “face consequences,” but they did not name any countries.

Experts believe Yoon’s attendance at the G7 summit, where the G-7 countries united against China’s economic coercion, as well as his close alignment with Washington, indicate that Seoul has joined their efforts.

“The Yoon government seeks to join Washington and other allies in addressing supply chain and other economic security issues,” states Andrew Yeo, the SK-Korea Foundation Chair in Korea Studies at the Brookings Institution.

“This may entail Seoul joining Washington to some degree in countering Chinese economic coercion, but the Yoon government will still move cautiously on how it navigates issues like export controls directed against China,” he added.

China, which is the world’s second-largest economy after the US, has been accused of using its economic clout for political and military purposes.

According to the Mercator Institute for China Studies in Berlin, between February 2010 and March 2022, China engaged in 123 cases of economic coercion globally.

The Chinese Cyberspace Administration said on Sunday that Micron Technology goods posed security threats. It provided no details since China has prohibited the use of Micron’s high-end semiconductors in computers that carry sensitive data.

When then-Prime Minister Scott Morrison called for an independent investigation into the origins of the COVID-19 virus, which was first detected in humans in the Chinese city of Wuhan in December 2019, China blacklisted Australian coal and imposed tariffs on wine, lobsters, lumber, and barley in 2020. This January, Beijing lifted the coal ban, as per VOA.

Beijing also restricted its tourists from travelling to South Korea and cancelled K-pop concerts in China after the US missile defence system THAAD was deployed to South Korea in 2017.

Yoon also made a state visit to Washington in April.

Experts say one of the primary expectations Washington has for Seoul is that it restricts high-end chip exports to China. Samsung and SK Hynix of South Korea are among the world’s leading chip manufacturers.

Dennis Wilder said, “The administration has been very clear to South Korea that semiconductors used in Chinese supercomputers can help the Chinese military develop very sophisticated weapons in an area that the United States wants to see restricted. Wilder was senior director for East Asia affairs at the White House’s National Security Council during the George W Bush government.

“China’s building its military and I’m not prepared to trade certain items with China,” said President Joe Biden at a press conference after he wrapped up the summit on Sunday.

He added, “When I asked by (Chinese) President Xi (Jinping) why, I said, ‘Because you’re using them to build nuclear weapons and other weapons of mass destruction.”

The US President added, “We’ve now got a commitment from all our allies they’re not going to either provide that kind of material that allows them to do that.”

Experts said advanced Micron chips are not the type of high-tech semiconductors that Washington wants to prevent Beijing from accessing for its military, VOA reported. (ANI)

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-Top News Asia News USA

South Korea, US troops to hold massive live-fire drills

Seoul : This file photo, taken April 26, 2017, shows South Korean and U.S. tanks taking part in a live-fire exercise at Seungjin Fire Training Field in Pocheon, 52 kilometers northeast of Seoul. (Yonhap/IANS)

The US-South Korean firing exercises, called “Combined annihilation firepower drills,” are the biggest of their kind…reports Asian Lite News

The South Korean and US militaries conducted large live-fire drills near the border with North Korea on Thursday, despite the North’s warning that it won’t tolerate what it calls an invasion rehearsal on its doorstep.

The drills, the first of five rounds of live-fire exercises through mid-June, mark 70 years since the establishment of the military alliance between Seoul and Washington. North Korea typically reacts to such major South Korean-U.S. exercises with missile and other weapons tests.

Since the start of 2022, North Korea has test-launched more than 100 missiles, but none since it fired a solid-fuel intercontinental ballistic missile in mid-April. It says the tests are a response to expanded military drills between the U.S. and South Korea, but observers say North Korea aims to advance its weapons development and then wrest greater concessions from its rivals in eventual diplomacy.

The US-South Korean firing exercises, called “Combined annihilation firepower drills,” are the biggest of their kind. The drills have been held 11 times since they began in 1977, according to the South Korean Defense Ministry.

The drills involved 2,500 troops and 610 weapons systems such as fighter jets, attack helicopters, drones, tanks and artillery from South Korea and the United States, according to the South Korean Defense Ministry. The most recent exercises in 2017 drew about 2,000 soldiers and 250 weapons assets from both countries.

The drills simulated artillery and aerial strikes on front-line North Korean military facilities in response to an attack. The troops later practiced precision-guided attacks on simulated targets in the rear areas to “completely annihilate” North Korean military threats, according to a ministry statement.

It said South Korea will seek to establish “peace through overwhelming strengthen” to counter North Korean threats.

North Korea didn’t immediately respond to the start of the drills. Last Friday, its state media called the drills “a typical North Korea-targeted war rehearsal,” saying it “cannot but take a more serious note of the fact” that the exercises are a few kilometers (miles) from its frontier.

The North’s Korean Central News Agency said the U.S. and South Korea would face unspecified “corresponding responses” to the drills.

Earlier this year, the South Korean and U.S. militaries conducted their biggest field exercises in five years. The U.S. also sent the nuclear-powered USS Nimitz aircraft carrier and nuclear-capable bombers for joint exercises with South Korea.

Moon Seong Mook, an analyst for the Seoul-based Korea Research Institute for National Strategy, said North Korea could use the South Korea-U.S. drills as a pretext to resume testing activities. He said domestic issues such as North Korea’s push to increase agricultural production during the rice-planting season could still affect its decision on weapons tests.

“North Korea can’t help feel some burdens over the South Korea-U.S. joint firepower drills being held for the first time in six years and in the strongest manner,” Moon said.

In a meeting last month, U.S. President Joe Biden and South Korean President Yoon Suk Yeol announced steps to reinforce their deterrence capabilities such as the periodic docking of U.S. nuclear-armed submarines in South Korea, strengthened joint training exercises and establishment of a new nuclear consultative group. Biden also issued a blunt warning that any North Korean nuclear attack on the U.S. or its allies would “result in the end of whatever regime” took such action.

Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, said the Biden-Yoon agreement revealed the two countries’ “most hostile and aggressive will of action” against the North. She threatened to further strengthen her country’s nuclear doctrine, saying, “The pipe dream of the U.S. and South Korea will henceforth be faced with the entity of more powerful strength.”

Worries about North Korea’s nuclear program grew after the North last year passed a law authorizing preemptive use of nuclear weapons. Many foreign experts say North Korea does not yet possess functioning nuclear-armed missiles.

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Films Lite Blogs

‘Drishyam’ prepares for South Korean remake

The announcement happened on Sunday at India Pavilion at the ongoing edition of Cannes Film Festival…reports Asian Lite News

Ajay Devgn and Tabu-starrer ‘Drishyam’ franchise is transcending boundaries as it is set to be adapted for the South Korean audiences with the official Korean remake. ‘Drishyam’ is an Indian franchise that has delivered success in every Indian language be it Malayalam, Tamil, Kannada, Telugu or Hindi.

The announcement happened on Sunday at India Pavilion at the ongoing edition of Cannes Film Festival.

Indian production company, Panorama Studios, and Anthology Studios, founded by former Warner Bros. local Korean production head, Jay Choi, ‘Parasite’ actor Song Kang-ho and acclaimed director Kim Jee-woon have partnered for the Korean remake.

The first part of ‘Drishyam’, directed by the late Nishikant Kamat, revolves around Vijay Salgaonkar whose simple world splinters after an accidental death involving his family and his desperate measures to shield them from the law. With applause-worthy performances from Ajay Devgn, Tabu and Kamlesh Sawant, the film was a huge success.

Producer Kumar Mangat Pathak said, “I’m excited that ‘Drishyam’ franchise is being made in Korean, a first for a Hindi film. This will not only increase its reach outside India but will also put Hindi cinema on the global map. All these years, we have been inspired by Korean fare, now they have found a muse in one of our films. What can be a bigger achievement for the Indian film fraternity!”

Jay Choi is equally upbeat about the collaboration. He said, “We are thrilled to have an opportunity to remake a massively successful Hindi film with a touch of originality from Korean cinema. And the remake has greater significance as the first major co-production between Korea and India. Through our partnership, we will be able to bring the best of both Indian and Korean cinema and make a meaningful remake that is as excellent as the original”.

Pointing out that the film keeps you hooked with its twists and turns, Kumar Mangat Pathak is confident the ‘Drishyam’ franchise will find an audience in Korea [and the rest of the world] too. “This is the beginning of a valuable cultural exchange between both countries and their film industries,” he signed off.

ALSO READ-Drishyam 2: Suspense Packed Sequel

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-Top News Asia News Politics

Yoon, Biden, Kishida could hold trilateral summit

South Korean President Yoon Suk Yeol (R) speaks with U.S. President Joe Biden (L) and Japanese Prime Minister Fumio Kishida ahead of their three-way talks in Hiroshima, Japan, on May 21, 2023.(Yonhap/IANS)

The development comes a day after Biden had proposed such a summit when he met with Yoon and Kishida on the sidelines of the G7 summit in Hiroshima on Sunday….reports Asian Lite News

South Korean President Yoon Suk Yeol, his US counterpart Joe Biden and Japanese Prime Minister Fumio Kishida could hold a trilateral summit in Washington as early as July, an official said here on Monday.

“The possibility of holding a South Korea-US-Japan summit this summer in Washington is being talked about,” the presidential official told Yonhap News Agency.

The development comes a day after Biden had proposed such a summit when he met with Yoon and Kishida on the sidelines of the G7 summit in Hiroshima on Sunday.

The three countries have been strengthening trilateral cooperation to deal with growing challenges stemming from North Korea’s nuclear program, and China’s military and economic assertiveness.

During their brief meeting on Sunday, the three leaders agreed to upgrade trilateral cooperation to a new level, Yoon’s office said.

If the Washington meeting is realised, it will be the first time the leaders of the three countries will be meeting specifically for that purpose, not on the margins of a multilateral gathering.

“Over the long term, this could develop into a form of shuttle diplomacy between the leaders of South Korea, the US and Japan,” another presidential official said, referring to the leaders regularly visiting each other’s countries, as done by the leaders of South Korea and Japan.

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Business

S.Korean giants bet big on display biz

The government will also push to ease regulations and designate key display-related technologies as the country’s advanced strategic ones so that companies can enjoy additional tax cuts…reports Asian Lite News

Samsung Display, LG Display and other South Korean display companies will make a combined investment of over 65 trillion won ($48.77 billion) by 2027 to secure innovative technologies and reclaim the world’s No 1 position, the industry ministry said.

The planned investments aim to expand the country’s global market share to over 50 percent by 2027 from last year’s 37 percent by developing new technologies for next-generation display items and expanding organic light-emitting diode (OLED) display production lines.

The country will also push to make 80 percent of materials, parts and equipment needed for the display industry with its own technologies, compared with 65 percent in 2022, and to achieve super-gap technologies to outstrip rival nations by more than five years, reports Yonhap news agency.

South Korea became the world’s No. 1 player in the display sector in 2004 by outstripping Japan and had maintained the position through 2020. But it was overtaken by China in 2021 amid intensifying competition. China’s market share came to 42.5 percent last year.

To help the companies achieve the goals, the government vowed to provide display firms with policy financing of 900 billion won for their fresh investment and equipment manufacturing, and actively consider setting up special zones for the sector to extend infrastructure and other supports.

It plans to earmark over 1 trillion won for research and development projects to advance technologies for mass-producing next-generation panels and for developing inorganic LEDs.

The government will also push to ease regulations and designate key display-related technologies as the country’s advanced strategic ones so that companies can enjoy additional tax cuts.

Over the next 10 years, the country plans to nurture 9,000 experts in the sector by opening new courses at graduate schools and beefing up cooperation with colleges, the ministry said.

The country earlier decided to give a tax credit rate of 15 percent on facility investment in strategic industries, including chips and displays, higher than the previous rate of 8 percent.

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-Top News Asia News World

Kishida visits S. Korea to forge closer ties

President Yoon Suk Yeol (L) and Japanese Prime Minister Fumio Kishida (R) inspect an honor guard during an official arrival ceremony for the Japanese leader at the presidential office in Seoul on May 7, 2023.(Yonhap/IANS)

Japanese PM Kishida’s visit comes as bilateral relations have warmed significantly following Seoul’s decision in March to compensate Korean victims of Japanese wartime forced labour without contribution from Japanese firms.

South Korean President Yoon Suk Yeol met with Japanese Prime Minister Fumio Kishida in Seoul on Sunday for the second summit in less than two months, a highly symbolic meeting demonstrating the neighbouring nations are firmly on course to the full restoration of long-frayed relations.

Yoon welcomed Kishida to the presidential office in Seoul in an official arrival ceremony that included the playing of the two countries’ national anthems and a joint honour guard review, Yonhap news agency reported.

The Japanese Prime Minister arrived in Seoul earlier on Sunday for a two-day working visit and stopped at Seoul National Cemetery to pay his respects to Korea’s fallen independence activists and war veterans before heading to the presidential office.

Kishida’s visit comes as bilateral relations have warmed significantly following Seoul’s decision in March to compensate Korean victims of Japanese wartime forced labour without contribution from Japanese firms.

Yoon travelled to Tokyo 10 days after the decision was announced and held a summit with Kishida as the first South Korean president to pay a bilateral visit to Japan in 12 years.

Kishida’s visit is also the first bilateral visit by a Japanese leader in 12 years, marking the full-scale resumption of “shuttle diplomacy,” or regular mutual visits, as agreed between Yoon and Kishida during their summit in Tokyo in March, Yonhap news agency reported.

Later in the day, Yoon and Kishida will hold a joint news conference, and then have dinner at the official presidential residence, where they will be joined by first lady Kim Keon Hee and Kishida’s wife, Yuko, according to diplomatic sources.

Fumio Kishida, Prime Minister of Japan.

The summit was first held in a small group and will later be held in an expanded format, covering issues such as security, high-tech industries, science and technology, and cooperation on youth and cultural affairs, according to the presidential office.

North Korea will feature high on the agenda as South Korea pushes to strengthen cooperation with Japan and trilaterally with the US to counter the growing threat posed by North Korea’s nuclear and missile programmes.

Yoon recently returned from a state visit to Washington, where he and US President Joe Biden agreed on a set of measures to support the US “extended deterrence” commitment to defending South Korea with all of its military capabilities, including nuclear weapons.

A joint summit statement noted the two presidents also “emphasised the importance of US-South Korea-Japan trilateral cooperation, guided by shared values, driven by innovation, and committed to shared prosperity and security”.

Trade and economic issues will likely be high on the agenda as well, given calls for South Korea and Japan to work more closely together to defend their interests in high-tech industries, such as semiconductors and batteries, as the US and the European Union move to protect their own industries.

South Koreans will be watching closely for any discussion of Japan’s plan to release contaminated water from the Fukushima nuclear power plant crippled by an earthquake and a tsunami in 2011.

South Korea hopes Japan will agree to a joint investigation of the contaminated water in addition to the monitoring currently under way by the International Atomic Energy Agency.

The two countries are also in the process of restoring each other as trusted trading partners after having removed each other from their respective “white lists” of nations eligible for preferential export treatment amid the forced labour row in 2019.

President Yoon Suk Yeol speaks during a ceremony to mark the start of business for the new year at the former presidential office Cheong Wa Dae in Seoul. (Yonhap/IANS)

The presidential office said the summit is unlikely to produce a joint statement, though the final decision will be made during the talks and the leaders will announce the outcome of the summit at a joint press conference.

South Koreans will be paying keen attention to whether Kishida goes beyond reaffirming the positions of past Japanese governments to issue an apology or express remorse for Tokyo’s 1910-45 colonial rule of the Korean Peninsula.

During the March summit, Kishida reaffirmed the Japanese government inherits on the whole the historical perceptions of past governments, including the 1998 joint declaration adopted by former President Kim Dae-jung and former Japanese Prime Minister Keizo Obuchi.

The 1998 declaration called for overcoming the past and building new relations, with Obuchi expressing remorse for the “horrendous damage and pain” Japan’s colonial rule inflicted on the Korean people.

On Monday, Kishida is scheduled to hold meetings with members of a South Korea-Japan parliamentarians’ association and chiefs of South Korea’s six business lobbies, including SK Group Chairman Chey Tae-won, who is now heading the Korea Chamber of Commerce and Industry, according to industry sources.

He will then depart to return to Tokyo.

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