China Ocean Shipping (Group) Co, better known as COSCO, yesterday said the establishment of its representative office in Taiwan, aiming to better coordinate with its counterparts in the island and jointly explore global markets.

This is the first agency set up by a mainland state-owned shipper on the island.

"The representative office is just the first step. Our next goal is to set up a branch in Taiwan," COSCO's President and CEO Wei Jiafu said at the office's opening ceremony.

As the agency is not allowed to conduct business transactions at present, the three-member office will network with the island's business circles and seek more business opportunities, according to COSCO.

Wei said COSCO's office on the island was not aimed at capturing the Taiwan market but to better cooperate with Taiwan's shipping lines and offer better services for Taiwan companies.

He also said COSCO planned to invest in the island's Kaohsiung port.