Local media reported that the Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren) are launching a joint steering committee to manage a “partnership fund” aimed at fostering improved relations between South Korea and Japan. This fund is part of a resolution proposed by Seoul to compensate Korean victims of Japan’s wartime forced labor, a decision that has been agreed upon by both nations and led to the first summit between their leaders. The committee’s role will include facilitating youth exchanges and internships.

However, it remains unclear whether Mitsubishi Heavy Industries and Nippon Steel Corporation will contribute to the fund. South Korea’s Supreme Court ordered Nippon Steel and Mitsubishi Heavy Industries in 2018 to compensate South Koreans forced to work in their factories during World War II. Neither company adhered to the court’s rulings, and South Korean courts partially liquidated Japanese assets in the ROK to compensate the victims.