Korea-Taiwan Economic Cooperation Committee Meeting Held...Business Sector "Considering Investment Protection Agreement with Taiwan"

Hankyung Association Holds 48th Korea-Taiwan Economic Cooperation Committee Meeting
Exploring Cooperation Plans for '3 Million Era' in Human Exchange

There was an opinion from the business community that the conclusion of a Bilateral Investment Treaty (BIT) between the two countries should be positively considered to expand economic cooperation with Taiwan. BIT is an agreement made to guarantee overseas investors free business activities and the remittance of profits abroad, as well as to grant equal rights regarding investments.

Kim Jun, Chairman of the Korea-Taiwan Economic Cooperation Committee, along with other guests, is attending the "48th Korea-Taiwan Economic Cooperation Committee" held on the 19th at the FKI Tower in Yeouido, Yeongdeungpo-gu, Seoul, and posing for a commemorative photo.
From the second person on the left in the front row: Kim Chang-beom, Vice Chairman of the Korea Economic Cooperation Association; Zhu Ziyang, Chairman of the Taiwan-Korea Economic Cooperation Committee; Kim Jun, Chairman of the Korea-Taiwan Economic Cooperation Committee; and Liang Guangzhong, Representative of the Taipei Mission in Korea.
[Photo by Korea Economic Cooperation Association]

The Korea Economic Association announced on the morning of the 19th that it jointly held the '48th Korea-Taiwan Economic Cooperation Committee' with the Taiwan International Economic Cooperation Association at the FKI Tower in Yeouido, Yeongdeungpo-gu, Seoul. About 100 businesspeople from both countries attended.

On the Korean side, about 70 people attended, including Yoon Doo-hyun, CEO of Genesis BBQ Global, Lim Hye-min, CEO of Creatrip, and Hwang Jung-wook, in charge of LS Cable & System. On the Taiwanese side, about 30 people attended, including Zhu Zuyang, Chairman of Uga Industrial Group, Liang Guangzhong, Representative of the Taipei Representative Office in Korea, and Lin Liuzhen, Vice President of Taiwan Mobile.

Kim Jun, Chairman of the Korea-Taiwan Economic Cooperation Committee, said in his greeting that a BIT should be concluded with Taiwan and cooperation and exchanges should be increased.

Chairman Kim said, "There are various institutional measures to safely protect companies' overseas investments," adding, "Since Korea has concluded investment protection agreements with most Asian economic zones, it should positively consider a BIT with Taiwan."

Korea has signed BITs with 18 Asian countries including Sri Lanka, Bangladesh, Pakistan, and Mongolia, but has not yet concluded one with Taiwan.

There was also an opinion that personnel exchanges should be expanded. Chairman Kim said, "Before COVID-19, in 2019, human exchanges between Korea and Taiwan already exceeded 2.5 million," adding, "Now it is time to enter an era of 3 million mutual visits."

He continued, "To this end, the travel industry is coming up with various ideas such as creating unique tourism programs and planning products that combine cultural content."

Corporate officials presented cooperation plans related to their businesses between the two countries.

Hwang Jung-wook introduced, "LS Cable & System has successfully supplied more than 1,500 km of submarine cables to the Taiwanese offshore wind power market since 2019," adding, "We are contributing to Taiwan's new energy development by proposing not only material supply but also construction solutions to Taiwanese offshore wind power developers."

CEO Yoon Doo-hyun said, "Genesis BBQ Group has been promoting the expansion of BBQ stores in Taiwan since 2019, starting with shop-in-shop stores inside FamilyMart convenience stores in Taiwan."

At this meeting, cooperation plans in various fields such as e-commerce, logistics, distribution, food and beverage, tourism, startups, new energy, smart manufacturing, machinery industry, and future generation exchanges were also discussed.

Kim Chang-beom, Vice Chairman of the Korea Economic Association, said, "Important agenda items that will form the foundation for future cooperation between the economic sectors of both sides, such as startup cooperation and future generation exchanges, were discussed at this meeting, raising great expectations."