On November 27th, President Chen Shui-bian met with the Korean delegation to the 31st Joint Conference of ROC-Korea and Korea-Taiwan Business Councils and the Inauguration of the Taipei-Seoul Association, expressing his utmost welcome and deepest thanks to them for promoting trade, investment and cooperation between the two nations.
President Chen expressed his hope that this year's Joint Conference, the 31st of its kind, would contribute to boosting the economic and trade relations and cooperation, as well as other exchanges between Taiwan and Korea. President Chen thanked the Chinese International Economic Cooperation Association (CIECA) and the Federation of Korean Industries for co-sponsoring the conference, and also expressed his joy for the inauguration of the Taipei-Seoul Association.
President Chen added that he was very pleased with the development of trade, business cooperation, and other exchanges between Taiwan and Korea in recent years. For example, the two countries have resumed direct flights in 2004 and given visa-free treatment to each other's citizens since 2005. In addition, Taiwan has reopened its representative office in Busan.
With regard to bilateral trade, President Chen indicated that Korea is Taiwan's 5th-largest trading partner--No. 4 importing country and No. 6 exporting market. Their two-way trade reached US$ 18.7 billion in 2005, with a trade imbalance of US$7.6 billion in favor of Korea, the second largest trade deficit Taiwan suffered. Now is a good time for the two countries to speed the signing of the FTA, added President Chen.
In the end, President Chen stressed that Taiwan is an "island" nation, not an "isolated" nation. As part of the world, Taiwan will not only reach out to the world but also open itself to the world. The high surplus Korea enjoyed in its trade with Taiwan proves that Taiwan is the best choice for entrepreneurs and investors worldwide, President Chen added.