In response to the effects of the faltering US and European economies, the Ministry of Economic Affairs has launched a program to boost foreign buyers’ interest in Taiwanese products, aiming to generate more than US$1 billion in business for local companies.
The program, a joint effort between the Bureau of Foreign Trade and the Taiwan External Trade Development Council (TAITRA), began on Tuesday and will run for three months.
According to the ministry, Taiwanese exports have slowed since August, despite having experienced strong growth during the first six months of the year, and the program should help fuel prospects for the fourth quarter.
As many as 16 groups of potential overseas buyers will visit Taiwan within these three months. A group of buyers from China, Hong Kong and Macao is scheduled to arrive on Dec. 14.
The Chinese group is expected to generate US$360 million in business, with major participants including leading automaker China FAW Group Co (中國第一汽車) and Hong Kong-based trading firm Li & Fung Group (利豐集團).
They are interested in buying automobile components, textile garments, plastics, machinery, bicycles, fruit and home electronics from Taiwanese enterprises, the ministry said.
The ministry is also eyeing buyers from emerging markets such as Indonesia, India, Vietnam, Malaysia, Thailand, Russia and the Middle East.
Separately, the government-funded Institute for Information Industry (III 資策會) led a delegation of representatives from the information and communication technology (ICT) sector on a visit to Kuwait yesterday in a bid to expand business in the Middle East, the institute said.
The delegation, led by Institute for Information Industry chairman Shih Chin-tay (史欽泰) and executive vice president Gary Gong (龔仁文), will share their experience of the ICT industry and renewable resources at a series of seminars, the institute said.
With the help of Taiwan’s representative offices in Kuwait, Saudi Arabia and Oman, the delegation also plans to meet with government agencies and business leaders to discuss opportunities for cooperation in the Middle East, the institute said.
Meanwhile, Qatar has expressed an interest in building an automatic license plate recognition system that could possibly involve partnerships with Taiwanese businesses, the institute said.
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