Taiwan Expo 2017 to boost Malaysia-Taiwan trade

KUALA LUMPUR: The three-day Taiwan Expo 2017 is expected to boost trade relations between Malaysia and Taiwan, said Taiwan External Trade Development Council President and Chief Executive Officer Walter Yeh.
"Malaysia's exports to Taiwan accounted for 9% of total exports while imports from Taiwan amounted to 30%.
"We foresee this number to grow further following trade and business matching session which will be held on the sidelines of the expo," he told a press conference after the Prime Minister's Special Envoy to East Asia Datuk Seri Tiong King Sing officiated the expo at the Kuala Lumpur Convention Centre here today.
The expo themed, "Best for My Life", showcased more than 5,000 Taiwan-made halal food and beauty products and medical services on a business-to-business platform.
Yeh also said the expo, aimed at connecting and triggering partnerships between Malaysian and Taiwanese businessmen, was anticipated to draw about 20,000 patrons and 1,000 trade buyers.
Asked on the potential areas of collaboration that Malaysian and Taiwanese businessmen should tap into, he said they should tap into the halal food segment since Taiwan opened its first halal centre this year.
Taiwanese companies have made a cumulative investment of US$2.2 billion in Malaysia and ranked fourth in terms of largest foreign direct investor in Malaysia, after Japan, United States and Singapore.
Investments from Taiwan was expected to see a significant increase this year as Hotayi Electronics reinvested RM1 billion to expand its plant in Penang and created 1,000 jobs.
Bilateral trade between Malaysia and Taiwan stood at US$14.1 billion in 2016.
Between January and September 2017, bilateral trade increased 25% to US$12.8 billion, which was higher than the bilateral trade recorded between Taiwan and Asean at an average growth rate of 17% compared with the same period in 2016. — Bernama