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Russia delegation returns

Taiwan's economic and trade delegation to Russia has achieved substantial improvements in bilateral economic and trade cooperation during the week-long trip, said DPP Secretary General Chang Chun-hsiung (張俊雄), also the chairman of the Taiwan-Russia Association.

The delegation, comprised of 34 business leaders from Taiwan's technology, economic and trade and financial sectors as well as academics and government officials, have reached a number of bilateral agreements with Russian enterprises in the energy, agriculture and financial industries.

Returning from a week-long visit in Moscow and St. Petersburg between Sep. 4 and Sep. 11, Chang yesterday called a press conference to exhibit the results of the economic and trade and cultural exchanges between the two countries.

"Russia is currently undergoing the economic transition from the previous communist-planned economy structure to the free market -- a period of time that Taiwan could make use of to boost its economic exchanges with Russia," Chang said.

The bilateral economic and trade cooperation includes Tai-wan's Ho Tung Chemical Corp, which signed a three-year US$360 billion purchase deal with a Russian petroleum company, Taiwan Fertilizer Co signing a three-year US$6 million purchase deal with Russia and The Export-Import Bank of the Republic of China inking a re-lending project with Russia's Guta Bank.

The re-lending project is aimed at encouraging Russian businessmen to purchase machinery and other manufactured goods from Taiwan by making loans from the Russian financial institutions which extends its credits from Taiwan's bank.

The Land Bank of Taiwan also established currency-exchange programs valued at US$2 million with three Russian banks.

The Maryinsky Ballet in St. Petersburg accepted Taiwan arts agency Management of New Arts' (牛耳藝術) invitation to perform locally on a two-week tour next year.
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