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Local Industry Alliance Signs MOU with European Group

Source: Taiwantrade | Updated: 23 November 2012

Fritz Jang, CNAIC secretary-general, said the memorandum of understanding (MOU) with BusinessEurope will help expand Taiwanese companies' ties with European counterparts, despite the EU-South Korea free trade agreement that took effect in 2011.


Jang said representatives of some Taiwanese businesses plan to form a delegation next year and organize a meeting on bilateral economic cooperation in Europe.


He said Taiwan and the EU can complement each other's strengths in many areas, citing the EU's leading car making industry and Taiwan's automobile component industry as an example.


Brussels-based BusinessEurope is one of the most influential industry groups in Europe, comprising 41 member federations in 35 European countries and representing 20 million companies.


Vice Economics Minister Francis Liang, who witnessed the signing of the MOU, expressed optimism about future Taiwan-EU trade ties, saying that after the annual Taiwan-EU economics and trade advisory conference that took place Wednesday, Taiwan and EU have formed four committees to work on specific trade issues.


Liang called on European companies to use Taiwan as a regional operation hub in East Asia and increase investment in Taiwan.


The EU is Taiwan's fourth largest trade partner as well as the largest source of inbound foreign investment, he said.


Business leaders, including Teco Group chairman Theodore Huang, will head for Luxembourg on Thursday to attend the fifth Taiwan-Luxembourg Economic Cooperation Conference.



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