Lin:Taiwan-Malaysia trade to hit US$16b this year

The Taipei Economic and Cultural Office of Taiwan expects Malaysia-Taiwan trade to hit US$16 billion (RM48 billion) this year.

Its deputy representative in Malaysia Lin Min Li said trade between the two countries had increased to US$15.6 billion (RM46.8 billion) from US$13.6 billion (RM40.8 billion) in 2010.

"We are confident of achieving the target this year as we are hoping to sign the Economic Cooperation Agreement with Malaysia soon," he told reporters after opening a seminar on Taiwan food industry here yesterday.

Lin said Taiwan is looking forward to sign the agreement with Malaysia and hopes the International Trade and Industry Ministry will seriously consider signing the agreement.

"The agreement will allow both nations to enjoy reduced Customs duties for exports and imports besides other investment advantages," he said.

He said Malaysia is Taiwan's eighth-largest trading partner and Taiwanese investors coming to invest in Malaysia will increase if Taipei and Kuala Lumpur inks the agreement.

Lin said Taiwan plans to expand its halal food sector and is looking forward to work with Malaysia whose halal certification is recognised by over 22 member countries of the Organisation of the Islamic Cooperation.

Besides Singapore, Malaysia has been categorised as among the most important Southeast Asian trading nation and Taiwan is keen to trade with Malaysia.

"Taiwan has identified six key areas for trade collaborations with Malaysia which include halal food products, technology sharing, food packaging, health-related products, international trade promotional programmes and the pharmaceutical sector," he said.

Major trade between the two nations are in the electrical and electronics sector, machinery, pharmaceutical and chemical products which totalled US$15.6 billion (RM46.8 billion) last year.

Source: Bernama