President Tsai attends 2022 EU Investment Forum
On the afternoon of October 25, President Tsai Ing-wen attended the opening of the 2022 EU Investment Forum. In remarks at the event, President Tsai said that the global pandemic, Russia's invasion of Ukraine, and the ongoing transformation of our economies have elevated supply chain security and resilience to a top priority. The president also expressed hope that the forum will help pave the way for negotiations on a Taiwan-EU bilateral investment agreement (BIA), which would give businesses on both sides the confidence to expand investment and engagement, advance our shared interests and values, and help us shape a more sustainable, secure, and prosperous world.
A transcript of the president's remarks follows:
It is my pleasure to join you all at the third EU Investment Forum. This is also my third time attending, and I want to thank the European Economic and Trade Office and the Ministries of Economic and Foreign Affairs for once again co-organizing this event.
This forum is a key platform for deepening trade and investment ties between Taiwan and the EU. And I am proud to see how our ties have continued to flourish in recent years.
Thanks to the hard work of everyone here today, and of countless others across Taiwan and Europe, Taiwan-EU bilateral trade in 2021 increased by more than 30 percent over 2020, reaching US$68.7 billion.
Taiwanese investment in the EU has also grown significantly. As of this past August, cumulative investment stood at more than US$8 billion. And cumulative direct investment by EU firms in Taiwan now exceeds US$54 billion, making the EU our largest source of foreign investment.
Bilateral trade and investment cooperation has never been more important, with unprecedented environmental and geopolitical challenges seriously testing our shared resilience.
To respond to the threats of climate change and extreme weather, we are working to achieve our shared goal of net-zero emissions by 2050 through industrial transformation and a transition to more sustainable energy sources.
Renewable energy development, particularly in offshore wind, is taking off in Taiwan, thanks to strong commitments from European businesses.
And we foresee more opportunities for collaboration with European firms, as Taiwan's emphasis on green energy and digital technology aligns closely with the European Green Deal and digital transformation plan.
Alongside the ongoing challenges of the global pandemic and Russia's invasion of Ukraine, the ongoing transformation of our economies has elevated supply chain security and resilience to a top priority.
To address this priority, Taiwan's government started the Taiwan-Europe Connectivity Initiative earlier this year to coordinate cooperation with the EU in investment, education, research, culture, and other fields.
In January, we announced the establishment of a US$1.2 billion fund for collaboration with Central and Eastern Europe in semiconductors, biotechnology, lasers, electric vehicles, and other strategic industries.
And under our Taiwan-Europe Connectivity Scholarship program, Taiwan's government will also provide funding to train talent from European countries including Lithuania, the Czech Republic, and Slovakia.
While Taiwan continues our efforts to advance ties with Europe, we are encouraged by the active support Taiwan has received from the European Parliament. I want to express my thanks to its members for approving a number of measures and statements supporting supply chain cooperation, stronger trade ties, and peace and stability in the Taiwan Strait.
We are glad that, with the EU strategy for Indo-Pacific cooperation and the European Chips Act, the EU has made clear that it regards Taiwan as a responsible and trustworthy partner.
The restructuring of global supply chains and the transformation of our economies bring enormous potential for closer, mutually beneficial cooperation between Taiwan and the EU.
I am confident that today's forum will facilitate further dialogue and collaboration. And I am optimistic that this will help pave the way for negotiations on a bilateral investment agreement, which would give businesses on both sides the confidence to expand investment and engagement.
United by our shared belief in freedom, democracy, and the rule of law, Taiwan and the EU have an important role to play as partners in shaping a more sustainable, secure, and prosperous world.
Let me once again thank the organizers of this forum for giving us this opportunity to advance our shared interests and values. I wish you all the best of health, and a productive EU Investment Forum. Thank you.
Among those present at the event were Head of the European Economic and Trade Office Filip Grzegorzewski and other members of the foreign diplomatic corps in Taiwan.