Finance minister Choo Kyung-ho said that the government will work to materialize supply chain cooperation between South Korea and Japan in a massive semiconductor cluster to be created in Yongin.

The minister made the remarks on Friday in a meeting of economy-related ministries, expressing hope that the recent summit between President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida will have a positive effect on the South Korean economy.

Choo said that the government came up with economic tasks to follow up on the summit in order to swiftly restore bilateral relations, with the active promotion of cooperation in new industries, joint investments, and supply chains that are of common benefit to both countries.

He said that the government will seek to establish a network between the two nations to jointly advance into the global markets of construction, energy and smartcity development, promote cooperation in space, bio and other new industries, and create joint ventures and a joint fund for research and development.

In addition, the government plans to increase bilateral personnel exchanges to the levels seen before the ties were strained.

Minister Choo added that the government will swiftly launch efforts to increase the number of flights between the two nations to achieve personnel exchanges of ten-thousand youths and ten million people per year.