JEDDAH, 12 October 2003 — Taiwan’s trade with Saudi Arabia registered a decline last year. “The reason could be intense competition,” said Chin-Ray Liu, director general at the Taipei Economic and Cultural Representative Office here.
The Kingdom’s imports from Taiwan were worth $340 million and exports were a whopping $2.4 billion last year. These marked a decline from $500 million (Saudi imports) and $3 billion (Saudi exports), Liu told Arab News on the sidelines of Taiwan’s “Double-Tenth Day” celebration, which was marked by a reception over the weekend.
“The drop in the bilateral trade means we need to do more,” he said. “While Taiwan imports oil and oil products from Saudi Arabia, it exports a number of items, including auto parts, computers and computer products, textile, household goods, hardware and machinery,” he said, adding that the Kingdom remained Taiwan’s biggest market in the Middle East. Taiwan is now the world’s third-largest producer of IT hardware.
He said his office had been issuing an average of 100 visas a month for Saudi businessmen. Four Taiwanese business delegations toured the Kingdom last year. “A trade delegation of about 50 members will be visiting the Kingdom in December, and many more businessmen are willing to visit this expanding market,” Liu added.
Addressing invitees and community members at the celebration, Liu said Taiwan with its population of 23 million was one of the “most successful economies and trading nations” in the world. “Over the last five decades, intensive economic development has made the island one of the world’s largest economies.”
With its per capita income of $13,000, Taiwan is now the world’s 15th largest trading partner and maintains 120 missions overseas. With its foreign exchange reserves ranking third in the world, Taiwan is engaged in various foreign assistance and relief programs. Taiwan had 38 long-term technical missions stationed in 32 countries to strengthen local skills in agriculture, fisheries, vocational training, trade and investment.