Source: Taiwantrade | Updated: 29 December 2011
The agreement will not only allow a fairer and more friendly investment environment, but will also solidify bilateral economic ties and bolster exchanges in trade and technology, the MOFA said in a press statement.
Bilateral trade between Taipei and Berlin was US$14.8 billion in 2010, a 42 percent increase from the previous year, the ministry said.
There are 250 German companies in Taiwan and their investment over the years has tallied up to US$1.9 billion, making Germany the third largest European investor in Taiwan, it said.
"We very much look forward to the growth of bilateral investments after the double taxation avoidance agreement takes effect," said Michael Zickerick, director general of the German Institute Taipei in a press statement released the same day.
The agreement is expected to streamline the already productive bilateral economic relations and better accommodate the flow of capital and exchange of services, it said.
Germany is the 24th country to sign such an agreement with Taiwan.
(By Nancy Liu)