SK Group Chairman Sees More Than $1 Trillion in Korea-Japan Synergies

SK Group Chairman Chey Tae-won urged South Korea and Japan to strengthen economic ties Tuesday, saying their combined efforts could yield more than $1 trillion in gains through growth and lower costs.

Chey, who also chairs the Korea Chamber of Commerce and Industry, placed the potential gains alongside the countries’ combined $6 trillion gross domestic product.

The proposal came at a Seoul forum attended by about 500 political, business and academic figures from the two countries. The event focused on connecting their markets amid a fragmenting global economy.

Chey urged lawmakers in both countries to back closer ties across party lines. He called for a framework to support government and business initiatives and proposed a shared platform for experts from South Korea and Japan.

He also pointed to aging populations, low birthrates and rising health care costs as pressures on both economies. Reducing social costs was part of his case for deeper cooperation.