Taiwan and the EU should conclude an economic cooperation agreement as quickly as possible so as to boost bilateral trade and deliver a win-win outcome, said San Gee, deputy minister of the Council for Economic Planning and Development, April 26 in Taipei City.
“An ECA will strengthen Taiwan-EU trade relations, spur investment by Taiwan companies in the region and assist them to establish stronger footholds in Europe,” San said while addressing the one-day Invest in the EU seminar.
On the home front, San described the presence of Taiwan firms in the EU as “underdeveloped” and encouraged them to explore the bounty of business opportunities on offer.
“Now is time for Taiwan companies to expand their involvement in the EU because history shows that recession is always followed by recovery,” he said, referring to the European sovereign debt crisis.
Echoing San’s remarks, Frederic Laplanche, head of the European Economic and Trade Office, urged Taiwan enterprises to capitalize on commercial openings in the EU.
“There is a risk here that Taiwan could lose out in Europe due to a lack of presence as an investor,” Laplanche said.
Citing EU statistics, the trade official said Taiwan’s investment in the region accounted for US$1 billion last year, much less than competitors such as South Korea and mainland China, which invested US$14 billion and US$7 billion over the same period, respectively.
“Any company that aspires to becoming a truly global firm must have substantial presence and operations in the EU, as it is the world’s largest economy with 500 million consumers,” Laplanche said. (JSM)
Write to Rachel Chan at rachelchan@mail.gio.gov.tw