President Lee Jae Myung and Japanese Prime Minister Shigeru Ishiba kicked off their summit in the southeastern port city of Busan on Tuesday.

South Korea's presidential office said Ishiba's latest visit reciprocates Lee's trip to Japan last month and signifies the resumption of "shuttle diplomacy" between the two sides.

Lee had suggested during the two leaders' most recent meeting that Ishiba's reciprocal visit take place outside the capital.

The meeting marks the first time that a Japanese prime minister has visited a city other than Seoul for a summit since former Japanese Prime Minister Junichiro Koizumi's trip in 2004.

During Tuesday's meeting, the leaders are expected to discuss ways to jointly respond to population decline and seek the revitalization of regional economies.

The discussion is also likely to touch on cooperation in artificial intelligence and hydrogen power.

Though Ishiba is set to resign after the ruling Liberal Democratic Party elects a new leader next month, he will likely continue to play an active role in the development of bilateral ties as a member of the Japanese Diet.

The leaders are scheduled to attend a dinner banquet following their summit.