The Korea Financial Investment Association said on Feb. 10 that its chairman, Hwang Sung-yup (황성엽), met Yoshio Hishida (히시다 요시오), head of global asset management at Japan's Mitsui Sumitomo Trust (SuMi Trust) Group, at the association's Financial Investment Center in Yeouido, Seoul, on Feb. 9 and discussed ways to expand exchanges and cooperation between the Korean and Japanese financial investment industries.

At the meeting, Hishida, who has been designated as the inaugural chairman of the Japan Investment Management Association (JIMA, tentative name), explained the purpose and vision of the association, which is set to launch in April in line with the Japanese government's policy to foster an asset management hub.

He also proposed strengthening cooperation, including signing a memorandum of understanding, and benchmarking the Korea Financial Investment Association's operational experience.

Hwang said, "The asset management expertise of the Mitsui Sumitomo Trust Group, which has a tradition of more than 100 years, offers significant implications for the asset management industry as a whole," and added, "I hope this meeting will serve as an opportunity to expand practical cooperation between the financial investment industries of the two countries."