TAIPEI (Taiwan News) — Taiwan’s General Chamber of Commerce on Wednesday signed an MOU with the Korea Importers Association to expand cooperation across five key industries.

The agreement will promote business matchmaking and joint exhibitions in food, tourism, healthcare, beauty, and gaming, per CNA. It was signed at a forum in Taipei with leading businesses from both sides in attendance.

General Chamber of Commerce Chair Hsu Shu-po (許舒博) said the agreement will lay the foundation for a long-term strategic partnership, per UDN. He noted Taiwan’s NT$707.84 billion (US$22.9 billion) trade deficit with South Korea last year and said closer industrial collaboration could improve export performance.

Hsu said bilateral trade hit a record NT$2 trillion last year while tourism remains strong. He added that 1.4 million Taiwanese visited South Korea compared with 1 million South Korean visitors to Taiwan.

Importers Association Chair Yoon Young-mi praised Taiwan as a key economic partner and global leader in semiconductors, adding that she hopes the MOU creates new growth opportunities.

South Korea’s Acting Representative Koh Sang-wook commented that Taipei and Seoul share close ties in trade, technology, and culture. He said the forum and agreement would help businesses explore opportunities.