New foreign minister Cho Tae-yul expressed hope that Japanese firms will participate in resolving issues surrounding compensation for Korean victims of Japan's wartime forced labor.

At his first press conference as minister on Friday, Cho said Seoul's plan announced last March for compensation to be funded by domestic corporate donations is nearly the only possible resolution.

With the Japanese firms found liable by the South Korean Supreme Court refusing to fulfill restitution orders, the minister said he plans to address expected challenges in the compensation enforcement based on the proposed resolution.

Asked about the order between a trilateral summit with leaders of China and Japan and Chinese President Xi Jinping's visit to Seoul, Cho said the two events will be handled separately.

The minister said since visits to China by South Korean leaders outnumber those to the South by Xi, the next bilateral leaders' meeting should be held in Seoul.

In his inauguration speech earlier, Cho said he plans to solidify South Korea's status as a nominee for membership to the Group of Seven-Plus framework during his term in office.