The UK is looking to continue developing its links with Taiwan's financial services, telecommunications and energy sectors, as well as promote its own higher education sector, according to UK Minister for Trade Richard Caborn.
Caborn spoke to the Taipei Times as part of an Asian tour that included attendance at the UN Conference on Trade and Development in Bangkok last week.
He said that Taiwan's political and economic development after the coming presidential election and the country's expected entry into the WTO later this year were aspects the UK will be looking at as part of its ongoing bilateral business partnership.
"We are looking for further investments in the financial services, telecoms and energy sectors in Taiwan after further deregulation in these industries following Taiwan's entry into the WTO," Caborn said.
According to Caborn, Taiwan's knowledge-based industries, rapid growth in telecommunications and corporate banking industry have been major attractions for UK investors.
The British Trade and Cultural Office (BTCO) in Taiwan has also earmarked major infrastructure projects in power, pollution control and transport, as areas in which British companies may look to in the future.
Meanwhile, industrial technology, such as processing and ancillary equipment for the semiconductor sector, industrial automation, medical equipment and services, biotechnology, and quality consumer products are also opportunities identified by BTCO for further UK investment.
Caborn pointed to B&Q Warehouse, a British DIY retail chain, as an example of UK firms using Taiwan as a base for investment in the Asia Pacific region.
He also noted that Britain's higher education sector is an area that his country wants to further promote to Taiwanese students, citing statistics putting the UK's current Taiwanese student population at around 12,000.
Exports from Britain to Taiwan reached ?867.5 million in 1999 while Taiwan's exports to the UK reached ?2.73 billion. Taiwan was the UK's 6th largest Asian trading partner in 1997.
According to the Invest in Britain Bureau (IBB) Asia Pacific, the UK government's national inward investment promotion agency, Taiwanese investment in the UK totaled ?712 million in the period 1983 to 1997. The UK receives around 80 percent of Taiwan's investment in Europe.
In comparison, investment from China and Hong Kong over the same period came in at ?626 million while South Korea invested ?4.8 billion during the same period.
Ever the diplomat, Caborn was circumspect when asked about the Eurotrain consortium, in which the UK has a minor stake, taking legal action after being ousted from Taiwan's High Speed Rail Project, the world's largest BOT project.
"There's no doubt that we were disappointed," he said.
"But that decision, at the end of the day, is the decision we have to take. We just want to make sure that the process is fair and transparent, that's what we are asking for," he said.
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