S. Korean biz circles hail gov't plan to resolve forced labor issue

SEOUL, March 6 (Yonhap) -- South Korean business circles hailed Monday the government's compensation plan for Korean victims of Japan's wartime forced labor and the commitment by the two countries to resolving Tokyo's export restrictions on Seoul.

The response came hours after the South Korean government announced the decision to pay the compensation to 15 forced labor victims through a government foundation funded by donations from Korean companies, instead of Tokyo paying them as ordered by the Seoul courts.

"The business community welcomes that the governments of South Korea and Japan have agreed to the plan to resolve the forced labor issue and the commitment to resolving the export restrictions, which has remained a major economic agenda item for Korea and Japan," the joint statement issued by six business lobbies read.

"We expect the Korea-Japan relations to improve and bilateral economic cooperation to further expand," it said.

The business circles said the compensation plan was the "best choice" that takes into account various legal and diplomatic conditions, and will serve to help strengthen the bilateral relations with Japan as well as the trilateral cooperation involving the United States.

"It will greatly help reinvigorate the economic exchanges between the two countries that have suffered damage directly or indirectly, due to the deterioration in bilateral ties," it added.

The statement was jointly released by the Federation of Korean Industries, the Korean Chamber of Commerce, the Korea International Trade Association, the Korea Federation of SMEs, the Korea Enterprises Federation and the Federation of Middle Market Enterprises of Korea.

elly@yna.co.kr
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