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A new milestone in Taiwan-Israel Economic Relations

Source: Taiwantrade | Updated: 14 April 2015

On March 31st, 2015, the Taiwan Israel Chamber of Commerce (TICC) celebrated its 5th anniversary. The TICC was founded in Taipei in 2010 with the aim of promoting trade, culture, education and tourism between Taiwan and Israel. The founding of TICC came after years of growth in bilateral trade between Taiwan and Israel. Its purpose is to provide an interactive platform for enterprises and research institutes from both countries.

 

As one of the founding members, the TAITRA has supported the TICC since by supporting the Taiwanese enterprises in gaining the enormous business opportunity in Israel by serving as a marketing, exhibition, market development and trade information service provider to them. With the assistance of TAITRA, there were 8 Israeli companies came to Taiwan to participate the Taiwan 2015 i-souring trade event organized by TAITRA on 1st April to have business meetings with Taiwanese Suppliers.

 

Mrs. Simona Halperin, who is currently Israeli representative to Taiwan, had mentioned during her opening speech at the 5th anniversary celebration that this year served as a milestone in the bilateral relations between Taiwan and Israel. With a new R&D agreement to be signed this year, she believed it would foster joint projects among firms in both countries and would open a new era in trade and exchange between the two nations.

 

Israel possesses a leading edge in ICT, military development, and biotechnology. The inflow of capital and technological know-how by overseas Jewish businesses from around the world has contributed new dynamism in Israel’s economy in recent years. ICT has remained its biggest export contributor, which is some 26% of its total exports. Other major contributors of its export trade are diamond processing, 20% of total exports; defense development, which is the world 6th biggest with annual volume amounting to 7.5 billion USD; and  biotechnology and water recycling solutions.

 

Bilateral trade between Taiwan and Israel amounting between 1.2 to 1.4 billion U.S. dollars annually has been stable in the past few years, making the former the fifth biggest trading partner of the latter among nations in Asia. Taiwan’s trade with Israel, however, is registering a deficit in the tune of 200 million USD a year, which shows that there’s still much room for improvement in their trade relations.


Mrs. Halperin opined that Taiwan and Israel could form a strong business alliance. Taiwan has the strength to adapt to new technologies and commercialize them for the global market, while Israel has the advantage in several fields of research which could be very beneficial for upgrading Taiwan’s Industries. Taiwan could also serve as a gateway for Israel to enter the markets in both China and Southeast Asia.

 

Taiwan could gain from research achievements and business networks of Israel enterprises. There is currently a number of successful collaborations between companies from both nations belonging to the machinery and ICT sectors.

 

Meanwhile, TICC will organize two business delegations this year to visit the agricultural enterprises and to participate in the Agritech 2015 by end of April.TICC brings not only the Taiwanese enterprises to Israel but also introduce the Israeli culture and business opportunities in Taiwan. During the 5th anniversary gala dinner, there were also a group of Israeli high school students among the attendees, which was invited by TICC to Taiwan for cultural exchange with local students.

 

Jesse Tai (jessetai@taitra.org.tw)

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