Though Taiwan has a relatively small population of 23.3 million people, it’s a thriving trading country and an important trading partner for many countries around the world, including the US, UK, EU, and China.
At the 33rd EBRD Annual Meeting and Business Forum in Yerevan, Armenia, Trade Finance Global (TFG) spoke with Vincent Yao Chin-Hsiang, representative of the Taipei Representative Office in the UK.
In this role, Chin-Hsiang has the broad mandate of overseeing the bilateral relations between the two nations. He also serves as Taiwan’s representative to the European Bank for Reconstruction and Development (EBRD), responsible for the relationship between Taiwan and the development bank.
Work with multilaterals
Taiwan works very closely with multilateral development banks like the EBRD, Asian Development Bank (ADB), Inter-American Development Bank (IDB), and Central American Bank for Economic Integration (CABEI), often assisting with financial and technological cooperation with these organisations.
Chin-Hsiang said: “We have worked with the EBRD on over 400 projects using our strength in the technology field to help with international cooperation.”
The projects range from helping with refugee planning in Armenia to promoting development programs in Romania and Bulgaria.
Through these projects, the country assists by sharing skills and knowledge of its core competencies to help with capacity building both at the multilateral development banks and within the markets themselves.
Trends in Taiwanese trade
Taiwan is one of the top 20 export members of the World Trade Organization (WTO) and is very strong in Information and Communications Technology (ICT) and semiconductors.
Many industries globally rely on the semiconductors and other goods manufactured in the small island nation.
Chin-Hsiang said: “Taiwan’s manufacturing industry constitutes 70% of our GDP growth, which shows how Taiwan is a manufacturing and export-oriented economy.”
As artificial intelligence (AI) and other cutting-edge technologies become more important for many industries around the globe, Taiwan’s strengths in the ICT and semiconductor industries become increasingly pivotal.
Chin-Hsiang said: “Taiwan produces 60% of the world’s network devices, 70% of the functional textile and apparel, 80% of laptops and motherboards, and 90% of the world’s most advanced semiconductors.”
With the expansion of the ICT sector globally and the growth of semiconductor businesses within Taiwan, they can be a strong trading partner with the rest of the world.
The island nation intends to continue leveraging its strengths to strengthen its trade with countries worldwide.
Taiwan’s strategic partnerships and technological capabilities position it as an important player in global trade and development. By continuing to collaborate with multilateral development banks and leveraging its core industries, Taiwan can further its contributions to the global economy.
