The Japan Business Federation, or Keidanren, said Wednesday that it has completed procedures for establishing a fund to conduct projects aimed at building a future-oriented relationship between Japan and South Korea.

Japan's biggest business lobby will use the "future partnership fund" for joint projects with its South Korean counterpart, the Federation of Korean Industries (FKI).

The two organizations plan to jointly host a forum on industry cooperation in Seoul on July 6. The planned steering committee for joint projects will also hold its first meeting.