Building Bridges for Prosperity
In an effort to bolster trade and investment connections between the United Kingdom and Taiwan, His Majesty’s Trade Commissioner (HMTC) for Asia Pacific, Martin Kent, embarks on a pivotal 5-day mission to Taiwan.
Preparing for the Future
The primary objective of HMTC Kent’s visit is to engage with Taiwan’s International Trade Administration of the Ministry of Economic Affairs. Their goal is to lay the groundwork for the forthcoming 26th annual UK-Taiwan Trade Talks, scheduled to occur in London this November.
During his stay, HMTC Kent will meet with Deputy Minister of Economic Affairs, Chern-Chyi Chen, who will co-chair the Trade Talks alongside Nigel Huddleston, the UK’s Minister for International Trade at the Department for Business and Trade.
Additionally, discussions will continue regarding the UK-Taiwan Enhanced Trade Partnership (ETP), announced earlier this year, with Minister without Portfolio and Chief Trade Negotiator, John Deng.
HMTC Kent’s visit includes meetings with key representatives of UK businesses in Taiwan, allowing him to gain insights into market opportunities. Furthermore, he will engage with prominent Taiwanese companies such as China Airlines and GlobalWafers to explore possibilities for collaboration.
Showcasing the UK’s Appeal
Kent will also meet with Taiwan’s Smart Capital Investors’ Club, offering insights into the UK’s position as Europe’s premier investment destination. The UK boasts a rich history of attracting foreign direct investments to its tech sector, valued at over $1 trillion, making it only the third country globally to achieve this milestone.
The nation has birthed more unicorns than any other European country, numbering over 160. Additionally, the UK’s startup ecosystem ranks first in Europe and third globally in terms of VC investment raised. Currently, there are more than 180 Taiwanese companies established in the UK.
A Growing Partnership
The UK and Taiwan share a thriving trade relationship, with a focus on collaborative efforts in sectors like offshore wind. Through this visit, both nations aim to expand their cooperation into new areas, particularly in technology-related sectors such as semiconductors.
A Tech Powerhouse
The UK’s tech sector is renowned for attracting foreign direct investments, with a value exceeding $1 trillion. It is the third nation globally to reach this valuation and is home to more unicorns than any other European country, boasting over 160. The UK’s startup ecosystem leads Europe and ranks third globally in VC investment raised.
Record Trade Figures
The bilateral trade and investment partnership between the UK and Taiwan continues to strengthen, with total trade in goods and services reaching £8.6 billion in 2022. UK exports to Taiwan surged to £3.9 billion, representing an 18.2% year-on-year increase in goods exports.
Taiwan now ranks as the UK’s fifth-largest trading partner in the Asia Pacific region, while the UK stands as Taiwan’s third-largest trading partner in Europe.
Vision for the Future
Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific, expressed his enthusiasm for promoting UK-Taiwan trade growth. He envisions using the upcoming Trade Talks and Enhanced Trade Partnership as catalysts for expanding the existing bilateral trade worth £8.6 billion per year.
Kent also emphasized his priority of attracting investment into the UK’s world-leading clean growth sector and exploring broader partnerships in science, technology, research, and development.
Strengthening Economic Bonds
John Dennis, a Representative at the British Office in Taipei, underscored the importance of trade and investment in the bilateral partnership between the UK and Taiwan.
Additionally, he warmly welcomed HMTC Martin Kent to Taiwan, reinforcing their shared commitment to driving economic growth for both nations. Moreover, Dennis highlighted the visit as a testament to the significance of their partnership in maximizing opportunities and addressing common challenges.