TAIPEI (Taiwan News) — Taiwan’s General Chamber of Commerce of the Republic of China (ROCCOC) on Tuesday (May 23) signed a memorandum of understanding (MOU) with the Korea International Trade Association (KITA) to intensify cooperation on consumer products and services.
KITA officials emphasized the importance of semiconductors and energy. The new agreement covered sectors including cars, cosmetics, tourism, food, and medicine, CNA reported.
The KITA delegation, which included representatives from 35 South Korean businesses, held their first meeting in Taipei at an event attended by ROCCOC members and Taiwan government officials.
South Korea has grown to become Taiwan’s fifth-largest business partner, with trade growing 12% from 2021 to 2022 to reach US$56.4 billion (NT$1.73 trillion), said ROCCOC Chair Paul Hsu (許舒博). He added that the return of South Korean tourists to Taiwan after the COVID-19 pandemic and the popularity of South Korean products also shows there is room for growth in the bilateral relationship.
Hsu said that beginning in 2024, ROCCOC and KITA will start organizing one or two meetings per year to bring companies from both countries together to discuss business opportunities.
Officials said that until now, trade links between Taiwan and South Korea focused mainly on semiconductors, even though the two were often seen as competitors in the field. There is still considerable room for development for other sectors, including consumer products, where South Korean exports to Taiwan only amount to one-sixth of those to the United States, KITA said.
