Korea, Japan to create 'future youth fund' as part of deal on forced labor

• Published date: 05 March 2023
• Publication title: The Korea Times

Korea and Japan have tentatively agreed to create a "future youth fund" to sponsor scholarships for students, as part of a deal on settling the issue of compensation for Korean victims of Japan's wartime forced labor, sources said Sunday.

The fund will be jointly formed by the Federation of Korean Industries, Korea's big business lobby, and the Japan Business Federation (Keidanren), according to the government sources.

The Korean foreign ministry is expected to announce the details along with the details of a broader agreement reached between the two countries to settle the issue of compensation for Korean victims of forced labor during World War II, the sources said.

"There's a high chance Korea and Japan will form a fund under the aim of moving toward the future and not the past," a senior official told Yonhap News Agency.

In 2018, Korea's Supreme Court ordered Japan's Nippon Steel and Mitsubishi Heavy Industries to pay compensation to Korean forced labor victims who were mobilized during Japan's 1910-45 colonial occupation of Korea.

The two companies are expected to indirectly contribute to the new fund in the form of Keidanren membership fees or donations.

"Discussions are under way between the two countries' business circles and other sectors on how they can contribute to help the young generations, future generations of Korea and Japan open a new era in bilateral relations and build up potential," National Security Adviser...