The announcement by the business lobbies of South Korea and Japan on Thursday that funds will be created to promote future partnerships was met with noncommittal responses by the two Japanese firms found liable in a lawsuit over wartime forced labor.
When asked about joining the so-called “future partnership funds,” Nippon Steel stated that they will look at the details of the plan as a member of the Japan Business Federation, known as Keidanren.
The other defendant in the 2018 lawsuits, Mitsubishi Heavy Industries, also shared similar sentiments.
Earlier in the day, the Federation of Korean Industries and Keidanren agreed to each create a fund to support various cooperative projects, such as joint research on common global issues and youth exchange programs.
The announcement comes amid warming bilateral relations on the back of Seoul’s announcement of a plan on compensation for Japan’s wartime forced labor, which does not require financial participation by the two firms found liable by the South Korean Supreme Court in 2018.