The main economic organizations of South Korea and Japan have revealed plans to each establish a fund to promote future partnerships between the two countries.

The Federation of Korean Industries(FKI) and the Japan Business Federation, also known as Keidanren, unveiled the plan in a joint news conference held in Tokyo on Thursday to announce a declaration on future partnerships.

The two organizations expressed anticipation over expanding bilateral exchanges in politics, the economy and culture in the wake of Seoul's announcement of a solution to the issue of compensation for Japan’s wartime forced labor and Tokyo’s assessment that it is aimed at making bilateral ties sound again.

The FKI and Keidanren said the envisioned funds will research the future relations that Seoul and Tokyo should pursue in the new international order, conduct projects on addressing joint challenges and seek ways to further boost bilateral economic relations.

The organizations said Seoul and Tokyo have multiple challenges that need to be jointly addressed, including the maintenance of a free and open international order, joint responses to the weaponization of resources and energy, the green and digital transformations as well as low birthrates and aging societies.