Japan, S. Korea Biz Groups Mulling Joint Youth Fund

Jiji Press

12:00 JST, March 6, 2023

SEOUL (Jiji Press) — The Japan Business Federation, or Keidanren, and the Federation of Korean Industries are considering setting up a joint fund for young people, it was learned Sunday.

The move comes while the governments of Japan and South Korea are planning not to require Japanese companies to donate to a South Korean foundation that would pay compensation for former Korean wartime laborers on behalf of Japanese companies.

The South Korean government is expected to announce a solution to the wartime labor issue on Monday, while mentioning the joint fund being eyed by the Japanese and South Korean business groups.

Kim Sung-han, head of South Korea’s National Security Office, told reporters on Sunday that future generations are the most important for the two countries to usher in a new era of bilateral relations.

Kim noted that talks are underway on what roles they could play in business and other fields.

In January, the South Korean government proposed that the Foundation for Victims of Forced Mobilization by Imperial Japan shoulder the compensation, which Japanese companies have been ordered to pay in wartime labor lawsuits in South Korea.

Meanwhile, Seoul has been calling for an apology from the Japanese government and donations from Japanese companies to the foundation.