President Tsai Ing-wen said that Taiwan and the EU have a common goal to maintain a resilient and disruption-resistant international supply chain.
Tsai made the remarks during an opening address at the EU Investment Forum Oct. 12 in Taipei City. The event is jointly organized by the Ministries of Foreign and Economic Affairs in conjunction with the European Economic and Trade Office.
Taiwan and Europe share common core values and the annual meeting has served as a key platform to deepen ties since its inception in 2020. European business investment and concomitant expertise have contributed both to bilateral partnership and the development of Taiwan’s industries, the president said.
Tsai noted that mutual trade volume exceeded US$75 billion for the first time in 2022. Cumulative direct investment by EU firms in Taiwan topped US$57 billion as of August, more than a quarter of total foreign investment in Taiwan, making the EU Taiwan’s largest overseas investment source.
As well as cooperation in green energy such as the wind energy industry, major international firms like ASML, Merck and Air Liquide have also invested in Taiwan. The president said that this signifies that Europe thinks highly of Taiwan’s role in the global supply chain.
Taiwan’s businesses also invest in the European market, evidenced by Taiwan Semiconductor Manufacturing Company’s planned investment of US$3.8 billion in a German plant. In addition, Taiwan and Czechia are collaborating in the fields of automotive industry, precision machinery and high-end laser equipment.
Tsai said that international cooperation is key to maintaining a stable supply chain and economy in the light of challenges such as the COVID-19 pandemic, Russia’s invasion of Ukraine and climate change.
The president concluded that Taiwan’s successful economic track record and robust semiconductor ecosystem makes it a reliable partner for Europe. (POC-E)
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