MOSCOW, RUSSIA - Economic cooperation between Taiwan and Russia was discussed at WTC Moscow.
On the 8th of June WTC Moscow invited its partners to participate in the «Trade-economic and scientific-technical cooperation with the Taiwan business: presentation of WTC Taipei and TAITRA» webinar within the framework of the “Virtual business-mission” (WTC Moscow’s Special Project) - a series of webinars dedicated to international business cooperation development.
Mr. Yulin Chung, Director of Economic Division, TMECCC (Representative Office in Moscow, Taipei-Moscow Economic and Cultural Coordination Commission), presented an overview of Taiwan's economic development and the dynamics of bilateral trade between Russia and Taiwan over the recent years. In his speech, Mr. Yulin Chung stressed that Russia is the main partner of Taiwan in the CIS today, therefore, mutually beneficial cooperation is of great importance for the economy of the country. In addition to that, the economic potential of the region was highlighted and the trademarks that have become the symbol of the country were mentioned. “Undoubtedly, for the majority of people, Taiwan is associated with tourism, but we should not forget that Taiwan is connected with high technology", said one of the participants.
Mr. Yulin Chung highlighted the role of Russia in the economic development of Taiwan in a special way. The speaker noted that over the last ten years, the volume of imports from the Russian Federation almost doubled. Russia exports natural resources: oil, gas, iron, and gold. “Taiwan needs such economic cooperation because the reserves of natural resources in Taiwan are limited”. Taiwan is actively exporting computer equipment, memory chips, and other equipment to Russia. Today Taiwan is the third largest supplier to Russia.
At the end of the presentation, Mr. Yulin Chung said that in order to accelerate the development of economic cooperation of our countries we need to reduce transport costs in our bilateral trade, which can radically affect the prospects of joint cooperation.
Mr. Vincent Shaw, Director of Moscow representative office of World Trade Center Taipei, presented to the audience the exhibition activity of Taiwan and spoke about the current market trends. Every year the exhibition of state-of-the-art goods takes place in Taipei to showcase various products for export. The speaker noted that the Russian delegation usually takes part in such events, which is very well reflected in the development of economic cooperation. Two years ago at the exhibition «Sourcing Taiwan» there were only two buyers among the Russian delegation, but this year, March 29, there were 12 Russian companies at the event. “This demonstrates that our economic relations are developing more and more, and the Russian business partners’ interest in cooperation with Taiwan is growing.
The speaker also noted the important role of the "Taiwan Excellence" award, which is given to the best products in its category every year. In 2017, this sign marked more than 500 products. These products are brought to Russia, they are presented at the exhibition, which had been taking place in Russia until 2014. Within the framework of this event, the largest Taiwanese manufacturers present their products, sign contracts, and make their path to the Russian market. Mr. Vincent Shaw expressed his regret that during last three years the exhibition has not resumed its activity, and said that he hopes that a similar event would take place within the walls of WTC Moscow soon.
At the end of his speech, Mr. Shaw invited the participants of the webinar to the B2B meeting with the Taiwan business mission delegates (the 20th of June in Moscow) and noted that such events provide a perfect opportunity for Russian companies to do business with Taiwanese partners. Mr. Shaw thanked the organizers of the webinar for an interesting meeting, for the opportunity to discuss economic issues and the unique opportunity to communicate not only with the Moscow representatives of the business community but also speak directly to the colleagues from the Russian regions.
After the presentation, the participants asked their questions. In particular, Mr. Yulin Chang was asked about the Russian regions in which Taiwanese partners export their products. The speaker noted that mineral resources that are imported in Taiwan are used by businesses throughout the country. Speakers were also asked if there were any special regulations for imported Taiwanese goods, in particular for dairy products. Mr. Yulin Chang assured the participants of the webinar that all the rules that are imposed on imported goods are soft and flexible, so international trade with Taiwan is much easier than with the majority of international partners.
The results of the meeting were summed up by the representative of the Government of Kaliningrad region Mr. Irakliy Gurtskaya. «It is very important to conduct such meetings. It is an opportunity to identify needs and prospects of the international business. Relations with Taiwan are getting stronger, the potential for cooperation increases day by day. We hope that in the future we will be able to attract partners to localize the manufacturing of Taiwanese goods in the Region».
The WTC Moscow’s Special Project «The Virtual business-mission» - a series of webinars dedicated to the development of international business cooperation.
The project demonstrates the ability of the World Trade Centers Association to connect Russian business with their international counterparts and promote their goods and services on international markets. The project assists the business community in their search for partners and investors among the WTCA members’ business circles.
It is a three-phase endeavor.