UK Trade & Investment Minister visiting Taiwan to strengthen bilateral links
The UK Minister of State of the Department for International Trade, Greg Hands MP, is on a two day visit to Taiwan.
The UK Minister of State of the Department for International Trade, Greg Hands MP, is on a two day visit to Taiwan. He is joined by the UK’s Trade Envoy to Taiwan, Lord Faulkner.
During his visit, the Minister will meet with President Tsai Ing-Wen, the Minister of Economic Affairs Lee Chih-Kung and the Deputy Minister of Foreign Affairs Wu Chih-Chung to discuss UK-Taiwan bilateral relations and the opportunities for growth.
The Minister will hold the regular UK-Taiwan trade dialogue with Taiwan’s Vice Minister of Economic Affairs, Wang Mei-Hua, focusing on building stronger trade and investment links and resolving market access issues. He will also meet UK businesses in Taiwan, and Taiwanese investors with investments in the UK.
International Trade Minister, Greg Hands, said:
The UK has always been a hub of creativity and innovation and I want Taiwan to know we’re open for business and will continue to be a reliable ally and trusted partner. We want to seize the opportunities open to us and will push for the strongest possible economic links with all important partners around the world, including with Taiwan.
The Minister delivered a speech to students at the College of Commerce of ChengChi University on setting out the UK’s economic strengths. He will also open a Green is GREAT event with Taiwan’s Giant Cycling Life Style Foundation addressing on corporate social responsibility for city greening.
In 2015, the UK was the number one investment destination for Taiwan in Europe with a total of £1.2 billion capital investment. This represents over two-thirds of Taiwanese investment into Europe last year.
UK-Taiwan bilateral trade reached £5.8 billion in 2014, the second highest ever on record with a rise of more than 50 percent on the level five years ago and Taiwan is now the UK’s sixth largest trading partner in Asia Pacific and its 32nd largest trading partner globally.
Around 300 UK firms are present in Taiwan and there are over 180 Taiwanese firms in the UK. Scotch whisky is the UK’s single largest export to Taiwan. Taiwan is the industry’s fourth largest export market globally by value and the third largest for single malt whisky.