RIYADH, 23 September — A multi-sectoral 23-member Taiwanese trade mission, the second this year, will arrive in Jeddah today on a week-long visit that will also take them to Riyadh for the promotion of trade and investment between the two countries.
Disclosing this to Arab News, W.K. Lai, economic counselor at the Taipei Economic and Cultural Representative Office in Riyadh, said the trade mission, led by Ben Chen, will hold business meetings at Crowne Plaza Hotel in Jeddah on Sept. 24 and at Hyatt Regency in Riyadh on Sept. 28.
The mission has been mounted by the China External Trade Development Council (CETRA) as part of its move to boost exports to the Kingdom, which has a favorable balance of trade with Taiwan.
According to Lai, ROC exports to the Kingdom stood at $ 345 million last year, while its imports during the same period were valued at $ 2.7 billion. The bilateral trade at $ 3.1 billion registered a 1.6 percent growth over 2000. Even so, Taiwan’s exports dropped by 1.7 percent, while its imports were up by 2.2 percent.
The multi-sectoral mission, he said, represents a broad spectrum of Taiwan’s industry˜from medical and laboratory equipment, pharmaceutical products, silicone rubber insulators, electrical panel control parts, valves and pipe fittings to faucets, plastic injection molding machine, computer and networking peripherals, pad and pillow cushions, stationery, cosmetics, digital cameras, apparels and accessories, shoes and sports wear.
The economic counselor said the delegation, besides scouting for trade opportunities, is also looking for investment avenues, especially as under the Kingdom’s economic reforms program it is possible to own a project 100 percent, sponsor one’s employees, and purchase residential property for housing them.
“CETRA would discuss the investment options and also explore the potential for developing small and medium enterprises in Saudi Arabia together with the Taipei Economic and Cultural Representative Office,” he observed.
Lai hoped that the Saudi Arabian General Investment Authority (SAGIA) would hold a seminar in Taipei on investment opportunities in the Kingdom, since the economic reforms program has evoked a great deal of interest among potential investors.
He said an additional factor is the recent signing of the Memorandum of Understanding between the two countries for the promotion and protection of investment.
