Taiwan calls for bilateral investment agreement talks with Europe

  • Date: 2018-06-04
  • Source: Department of Information Services, Executive Yuan
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Vice Premier Shih Jun-ji attended the opening ceremony of European Innovation Week on Monday, saying he hoped Taiwan and Europe will begin negotiations on a bilateral investment agreement as quickly as possible. Such an agreement will provide Taiwanese and European businesses with greater protection as bilateral cooperation and investments continue to reach new heights.

European investments in Taiwan have increased visibly, with investments in the past two years (US$10.6 billion) accounting for nearly a quarter of all EU investments in Taiwan (US$44.7 billion).

Taiwan and Europe both have highly evolved markets and institutions, high-caliber talent and well-developed technology industries, the vice premier continued. Occupying key global positions in information and communications technology, machinery, renewable energy and medical biotechnology, the two sides have become important partners for innovation and collaboration. In Taiwan’s push to develop offshore wind power, for instance, European nations have become Taiwan’s closest partners, and more European businesses are expected to bring their investments to Taiwan.

Taiwan’s economic indicators continue to improve, with the economy growing by 2.86 percent and export growth reaching a six-year high of 13.2 percent in 2017, Vice Premier Shih said. In the World Economic Forum’s Global Competitiveness Report for 2017-2018, Taiwan ranked third in the Asia-Pacific for its capacity to innovate, and second place globally for its state of cluster development, clearly attesting to the nation’s competence in research and development.

This year’s European Innovation Week event will host enterprises from 16 EU member states, as well as representatives and officials from 18 industrial clusters. The delegation is being led by Antti Peltomäki, deputy director general of the EU’s Directorate General for Internal Market, Industry, Entrepreneurship and SMEs. Joined by Taiwan’s Ministry of Economic Affairs, Environmental Protection Administration, Ministry of Science and Technology, Ministry of Transportation and Communications, and Ministry of Health and Welfare, participants will attend a series of seminars and conferences to discuss the circular economy, smart manufacturing, smart mobility, wind power, medical devices, 5G wireless technology, and the EU research and innovation initiative Horizon 2020.