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Association helps firms invest in Africa

The Taiwan External Trade Development Council (TAITRA, 外貿協會) yesterday announced the formation of a new business association that it founded together with local ministries to facilitate companies' expansion in Africa.

"Africa is an expanding market which we are yet to be familiar with. The new association will be able to pave the way for an information exchange with them," Donald Lu (呂文瑞), executive vice president of TAITRA said.

The Taiwan-Africa Business Association will also serve as a platform for local companies to seek assistance if they encounter difficulties in conducting business in 53 African markets, he said.

Fifty-two Taiwanese firms have signed up for the association, most of which are automobile component makers, mechanical firms and logistics companies, TAITRA said.

TAITRA took over 30 firms to visit Africa last month to explore business opportunities.

TAITRA forecasts that by 2025 the value of Africa's imports will reach US$480 billion, providing tremendous export opportunities.

Taiwan's exports to Africa totaled only US$5.2 billion in 2005.

Meanwhile, TAITRA, a trade promotion agency backed by the government, is also looking to expand four more branches overseas this year, following five new establishments last year and nine in 2005.

The new locations will be in the Ukraine, Kenya, Algeria and in Chennai, India, TAITRA chairman Hsu Chih-jen (許志仁) said.

This will bring the number of its international offices to 48, he said.
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