TAIPEI (Taiwan News) – Taiwan Tobacco & Liquor Corporation (TTL) Chairman Ting Yen-che (丁彥哲) signed a MoU with KT&G Corporation CEO Baek Bok-in on sales and research at the Grand Hotel in Taipei on Sept. 30, according to an Economic Daily News (EDN) report on Thursday (Oct. 3).
Ting said that TTL and KT&G both have experience of transforming from a monopoly to a company and that in addition to tobacco products, each company has developed distinct product lines. He added the signing of the MoU is the first step towards cooperation on sales and research between the two companies.
According to TTL, formerly a tobacco and wine monopoly, technologies to make tobacco and liquor products remain central to company thinking, the EDN report said. However, in recent years, the company has also developed new food and biotechnology products, such as Hua-Tiau Chiew Chicken Noodles and non-alcoholic beer.
KT&G is South Korea’s largest tobacco company and the fifth biggest tobacco manufacturer in the world, with annual revenues increasing every year. In addition to tobacco products, KT&G is also known for its biotechnology products, such as red ginseng.
Like TTL, KT&G was a tobacco monopoly, but it was transformed into a private enterprise in 2000.