South Korean, Japanese biz leaders agree to boost cooperation in AI, chips

Seoul, May 28 (IANS) Business leaders of South Korea and Japan on Wednesday agreed to expand bilateral cooperation in artificial intelligence (AI), semiconductors and other key sectors while supporting Seoul's efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The agreement was part of a joint statement adopted during the 57th South Korea-Japan Business Conference held in Seoul, which brought together some 300 business and economic representatives from the two countries for an annual two-day meeting, reports Yonhap news agency.

"On the occasion of the 60th anniversary of the normalization of diplomatic ties (between Seoul and Tokyo), we reaffirm the trust and friendship built over the years and hope to collaborate for the bright future of South Korea, Japan and the world," the statement read.

Specific areas of cooperation include carbon neutrality, hydrogen energy, AI and semiconductor industries, as well as bio and health care sectors. They also agreed to collaborate on addressing social challenges, such as low birthrates and aging populations.

On South Korea's bid to join the CPTPP, the participants agreed to support preliminary measures among relevant organizations to facilitate the move.

The CPTPP is a major Indo-Pacific trade pact comprising 12 countries, including Japan, Australia, Canada, Britain and Vietnam, that together accounted for about 15.2 percent of global trade as of 2019.

South Korean stocks finished markedly higher to hit a three-month high on Wednesday, driven by gains in tech shares, as the United States' temporary pause on tariffs against the European Union boosted investor appetite for risky assets. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 32.93 points, or 1.25 percent, to close at 2,670.15. It marked the highest level since February 19, when the index finished at 2,671.52.

Trade volume was moderate at 403.25 million shares worth 11.16 trillion won (US$8.11 billion), with winners beating losers 579 to 308.

--IANS

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