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Firms to promote precision machinery business in China

Firms to promote precision machinery business in China

Taipei, Aug. 25 (CNA) A trade delegation comprised of leading companies in the local precision machinery industry will visit China next month to promote business opportunities, the Taiwan External Trade Development Council (TAITRA) said. The trade delegation, which will visit Wuhan and Chengdu Sept. 10-13, is expected to generate US$10 million in business, said TAITRA, Taiwan's main trade promotion body. So far, eight local machine tool suppliers have showed their interest, including Gallant Precision Machining Co., Hiwin Technologies Corp. and Utechzone Co., TAITRA said. The trip will mark the first time for Taiwan's precision machinery businesses to form a delegation to secure orders from China since the two countries inked the Economic Cooperation Framework Agreement in 2010, it added. Taiwan's exports fell 11.6 percent in July from the same month last year to US$24.8 billion, marking the fifth consecutive month that a year-on-year drop was recorded, government data showed. Exports to China have plunged significantly over the past seven months. Taiwan's exports to China and Hong Kong from January to July posted negative growth of 9.1 percent year-on-year, far higher than the overall 5.8 percent decline. TAITRA said it would do its utmost to help boost the country's exports by holding more procurement meetings and leading delegations to its major trade markets. (By James Lee)