Taiwan looks to BIA as EU tops foreign investment

September 28, 2020

TAIPEI - Taiwan's President, Tsai Ing-wen, has told an inaugural EU Investment Forum in Taipei City that Taiwan is ready to become one of the EU's top partners in future industries en route to negotiating a bilateral investment agreement. Biotech, health and mobility, and information and communication technology were sectors in which Taiwan excels, Tsai said.

It was hoped Taiwan and the EU could negotiate a Business Investment Agreement (BIA), she added.

The Forum was attended by Filip Grzegorzewski, head of the European Economic and Trade Office in Taiwan, and representatives from 15 member countries of the EU.
 Tsai described the event as "an excellent platform" through which to prepare strategies for deepening collaboration in wind energy and areas like artificial intelligence, AI ethics, data protection, fifth-generation applications and information security.
 Tsai said the EU had invested NT$1 trillion (US$34.3 billion) last year, making EU the country's top foreign investor.
 These undertakings are backed by the Taiwan-EU Dialogue on Digital Economy and Industrial Policy Dialogue, Tsai said, adding that initiatives like promoting the six core strategic industries are leveraging the country's strengths so it can play a key role in the global supply chains of the future.
 She gave, as one example, medical supply chains. Taiwan was well-equipped to work with EU counterparts on high-end vaccine R&D and production, medical equipment and essential items like face masks, she said. She also saw opportunities for Taiwan and the UE to work together on the objectives of the EU's digital strategy.