RIYADH, 27 September 2005 — Saudi-Taiwanese bilateral trade surged by 19 percent last year, rising further by 30 percent in the first half of this year against the corresponding period last year, according to Yang Sheng tsung, Taipei Economic & Cultural Representative, on the occasion of the four-day visit to the Kingdom of the Taiwanese business delegation. The multidisciplinary trade mission is led by Simon Wang, deputy executive director of Taiwan External Trade Development Council (TAITRA).
Wang said the delegates received a large number of inquiries for paper-making machinery required for the production of cartons and tissue paper. Although these items are manufactured locally, a substantial quantity is imported from the UAE, indicating a good potential for the import substitution business.
Pointing out that bilateral trade was on the upswing, the Taipei Representative said Taiwan’s exports to the Kingdom stood at $428 million last year, up 19 percent over 2003, while Saudi exports to Taiwan, at $5.6 billion, registered a 40 percent growth during the same period. Yang said the momentum in the bilateral trade could pick up further with the Saudi government’s decision to ease visa restrictions for businessmen who are to be given visa in 24 hours. “This could go a long way in boosting trade and investment,” he said.
The trade mission will arrive today in Jeddah, where local businessmen could contact them at Le Meridien from Sept. 27 to 28. According to W.K .Lai, economic counselor at the Representative Office, representatives of some 280 companies attended the roadshow. Of these, there were at least 88 potential buyers. “We hope to conduct business worth at least $ 2.58 million by the end of this year,” he said.
Asked about investment prospects, Yang said a private 20-member Saudi businessmen’s delegation had visited Nankang Software Park in Taiwan in June this year. The Kingdom is planning to set up a similar IT park in Riyadh and in the Eastern Province.