The Federation of Korean Industries (FKI) and the Chinese International Economic Cooperation Association (CIECA) held the 40th Korea-Taiwan Economic Cooperation Committee Meeting in Seoul on Sept. 9 and agreed to help Korean and Taiwanese firms penetrate the Chinese Internet of Things (IoT) and pharmaceutical markets together.
Doosan Group Vice Chairman Choi Kwang-ju, who is the head of the committee, delivered a welcome speech there, saying that Korean and Taiwanese entrepreneurs need to discuss mutual cooperation in order to take the lead in the blue ocean of IoT.
SK C&C Manager Lim Jung-woo made a presentation on manufacturing innovation by means of smart factories. The company is currently working on such factories, adopting the IoT for automation, in tandem with the Hon Hai Group in its subsidiaries located in China.
In the meantime, imported drugs currently account for about 80 percent of the Taiwanese pharmaceutical market. The market provides no preferential treatment for Taiwanese drugs, and thus Korean pharmaceutical companies, which are more competitive in price than multinational companies, are expected to expand their business in Taiwan with at least some ease. In addition, Korean firms developing and producing drugs in cooperation with Taiwanese can benefit from the Green Channel in doing business in China. The Green Channel is a package of benefits that the Chinese government grants to Taiwanese drugs, medical equipment, and cosmetics manufacturers with regards to licensing procedures.