EU members should “capitalize on the current circumstances” and sign bilateral investment agreements (BIA) with Taiwan to further trade ties, President Tsai Ing-wen (蔡英文) said yesterday at the first EU Investment Forum.
Citing “common values” and “complementary strengths,” Tsai said it was time for Taiwan and Europe to “take it forward” to an “even stronger partnership.”
“By negotiating a bilateral investment agreement, a solid existing foundation can become a cornerstone of future success,” Tsai told the forum, held at the Taipei International Convention Center, which attracted 1,400 registrants.
Photo: Chang Chia-ming, Taipei Times
“A BIA is the key to this success and will help us all thrive in the digital age,” she said. “Where others see volatility, we see the opportunity for prosperity and building global partnerships.”
Taiwan is prepared to become a top partner for the EU in several sectors, she added.
In his address to the opening ceremony, European Economic and Trade Office in Taiwan Director Filip Grzegorzewski said the COVID-19 pandemic has exposed the vulnerabilities of world markets, and the time has come for Taiwan and the EU to “change ... before we have to,” to “work together” and “embrace new opportunities.”
“The EU and Taiwan speak the common language of human rights, democracy and rule of law. We both share the values of an open, transparent and fair international trading system; we both aspire to create a sustainable, green and digital society,” Grzegorzewski said.
The one-day forum included an investment fair, where Taiwanese investors could speak with EU representatives.
Alain Berder, head of the economic department at the French Office in Taipei, said that Taiwanese companies are missing out on investment opportunities.
“Twenty percent of FDI [foreign direct investment] coming into Taiwan is from the EU, making the EU the biggest investor in Taiwan, but only 1.6 percent of Taiwan’s FDI goes to Europe, while 56 percent goes to China,” he said.
There is still “a lack of familiarity” to be overcome between Taiwanese and European businesses, although that is changing, Berder said, citing La French Tech Taiwan, which wants to connect the start-up ecosystems of France and Taiwan.
Belgian Office Taipei Director Frederic Verheyden said that Belgium’s position at the heart of Europe geographically and politically makes it an attractive destination for Taiwanese investments.
“It’s a very logical place to start doing business with the EU,” Verheyden said. “We also have very specific strengths. You start exploring Belgium through its beer and its chocolates. On the more technical side we have logistics, sciences, biotechnology, pharma and nanotechnology.”
German Trade and Invest Director for Taiwan and the Philippines Alexander Hirschle said that there is a huge opportunity for Taiwanese companies, “with their strength in the electronics sector,” to cooperate with German companies in segments such as self-driving and e-mobility.”
Wind power is already big business between Taiwan and Germany, with German green energy conglomerates such as Wpd Group operating wind farms in Taiwan.
“Maybe one day the Taiwanese companies will build up their own know-how and supply chain in this area and export to Europe,” Hirschle said. “It is too early, but maybe three to five years from now.”
Hungarian Trade Office Taipei’s Investment and Trade Director Ferenc Fasi also sees great synergy between the automotive industry in the two nations.
“I just talked to a gentleman from the automotive industry. They are responsible for components manufacturing and we see that as an opportunity because Hungarian automotive companies are good at integrating these systems,” Fasi said.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
RSS