Asian Business Leaders Agree on Trilateral Cooperation for Economic Growth and Stability

10 Jun, 2024

Asian Business Leaders Agree on Trilateral Cooperation for Economic Growth and Stability

Major business leaders from South Korea, Japan, and China have unanimously agreed on the crucial need for economic cooperation among their countries, as per a survey by the Korea Chamber of Commerce and Industry (KCCI). Conducted during the 8th Korea-Japan-China Business Summit on May 27, the survey garnered responses from 136 CEOs, revealing a robust consensus on the benefits of such collaboration.

The survey unveiled that all 136 respondents acknowledged the necessity of economic cooperation, with 82.4% considering it absolutely necessary and 17.6% viewing it as somewhat necessary. Notably, Chinese CEOs displayed the strongest conviction, with 91.3% emphasizing its absolute necessity, followed by South Korean CEOs at 84.8%, and Japanese CEOs at 70.5%.

Anticipated benefits of enhanced economic cooperation were highlighted, with 65.4% strongly agreeing that it would positively impact business management. Furthermore, respondents identified various expected benefits, including economic revitalization, supply chain stability, addressing low birth rates, aging population issues, and expansion into third countries.

Prioritized areas for cooperation were also delineated, with climate change response topping the list at 33.8%, followed by financial and monetary cooperation, medical cooperation, aging population response, digital cooperation, and disaster and safety response.

Efforts necessary to activate economic cooperation were identified, with expanding private sector communication and exchange being deemed most crucial across all three nations. Park Il-jun, Vice Chairman of KCCI, emphasized the unanimity among CEOs regarding the necessity and positive effects of economic cooperation.

To advance the identified priorities and anticipated benefits, KCCI plans to establish a working group for private economic cooperation among the three countries. The 8th Korea-Japan-China Business Summit served as a platform for dialogue and collaboration among key figures from the respective nations, aiming to strengthen ties and foster mutual prosperity.