Economic Cooperation Committee Meeting Held by South Korea and Taiwan

The Federation of Korean Industries and the Chinese International Economic Cooperation Association held the 45th Korea-Taiwan Economic Cooperation Committee Meeting on Sept. 7 to discuss cooperation in the fields of semiconductor, smart city, biotech, healthcare, etc.

At the meeting, the federation appointed Kyungbang chairman Kim Joon as the South Korean head of the committee. He proposed the conclusion of investment guarantee and double taxation avoidance agreements and both countries’ simultaneous accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership for further economic cooperation.

“South Korea and Taiwan have complementary industrial structures and are perfect economic cooperation partners,” said Korean Mission in Taipei Representative Kang Young-Hoon, adding, “Although the current global economic situations are challenges indeed, the two countries can further expand their collaboration in many markets such as Southeast Asia.”
 

KOTRA Taipei head Kim Joon-kyu remarked at the meeting that South Korea’s semiconductor exports to Taiwan are mainly memory chips, its semiconductor imports from Taiwan are mainly non-memory chips, and this means they are partners rather than rivals although they have been viewed as rivals in the industry. “In the first half of this year, South Korea’s top 10 export items in relation to Taiwan included six that constitute Taiwan’s top 10 export items in relation to South Korea, including semiconductors and semiconductor manufacturing equipment,” he explained, continuing, “Semiconductors accounted for 39 percent of South Korea’s exports to Taiwan last year and the ratio rose to 44 percent in the first half of this year.”