President Yoon Suk-yeol will visit Japan for one night and two days from March 16 at the invitation of the Japanese government and hold a summit with Japanese Prime Minister Fumio Kishida.
It is the first visit in about four years since former President Moon Jae-iIn visited Osaka in June 2019 to attend the G20 summit.
The leaders of the two countries are expected to try to resolve a long-lasting dispute with Japan over wartime labor.
On March 7, meanwhile, President Yoon announced his administration's solution to compensation for forced labor victims during the Japanese colonial period, saying, "As a result of respecting the position of the victims, we have sought ways to meet the common interests and future development of both Korea and Japan."
In his opening remarks at a Cabinet meeting in the morning at the Office of the President in Seoul, he said, "Future-oriented cooperation between Korea and Japan will clearly protect freedom, peace and prosperity not only for both countries but also the entire world."
"Japan has gone from a militaristic aggressor in the past to a partner who shares universal values with us and cooperates in security, economy, science and technology, and global agendas."
To his Cabinet, the president said, "For future-oriented bilateral cooperation, I ask you to meticulously prepare and support the creation of a cooperative system between the ministries of both governments and substantial exchange and cooperation between the business world and future generations."
The government on March 6 announced its solution to compensating the victims and their families through a "third-party reimbursement" plan with funding from a foundation under the Ministry of the Interior and Safety.
Japanese Prime Minister Kishida Fumio said the efforts are "aiming to restore Japan-Korea relations to a healthy state," adding, "Japan will work to improve the relations through close communication with President Yoon Suk Yeol."
The U.S., United Nations (UN), European Union (EU) and others issued statements welcoming Seoul's solution to the issue.
U.S. President Joe Biden on March 6 told a White House briefing in Washington, "Today’s announcements between the Republic of Korea and Japan mark a groundbreaking new chapter of cooperation and partnership between two of the United States’ closest allies. "
"With two historic foreign ministerial statements, President Yoon and Prime Minister Kishida are taking a critical step to forge a future for the Korean and Japanese people that is safer, more secure, and more prosperous," he added. "The United States will continue to support the leaders of Japan and the Republic of Korea."