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Taiwanese businesses in Russia look to counter economic slowdown

Taiwanese businesses in Russia look to counter economic slowdown

Moscow, Nov. 15 (CNA) Taiwanese businesspeople in Russia participated in an investment conference held Saturday by Taiwan's representative office in Moscow to explore new business opportunities amid a slowdown in the Russian economy. The conference, organized by the Representative Office in Moscow for the Taipei-Moscow Economic and Cultural Coordination Commission, was welcomed by the Taiwanese businesspeople there, as it provided further understanding of the current business environment. Other participants in the event included officials from the Moscow city government, as well as representatives of local logistics operator eCargoWorld and accounting firm KPMG, who offered advice about taxation, accounting, visas, labor and imports when running businesses in Russia. Chen Hsiu-chuan (???), director of the office's economic division, said that most Taiwanese businesspeople in Russia have chosen to stay in the market despite the economic slowdown, with many Taiwanese business delegations taking part in trade shows in Russia this year to increase their brand awareness. Western economic sanctions have been imposed on Russia since last year because of the country's illegal annexation of Crimea and its deliberate destabilization of Ukraine. In response to the restrictive measures, Russian President Vladimir Putin launched a ban on most Western food imports, which in part triggered a decline in the ruble, as falling oil prices piled further pressure on the struggling currency. The Kremlin is also aiming to create new opportunities for business through its "import substitution" drive to promote domestic products at the expense of imports. As the world's fourth-largest exporter of machine tools, Taiwan is an important partner of various industrial sectors in Russia. Last year, Russia absorbed around US$514.59 million-worth of lathes and turning machines, with Taiwan accounting for 10.77 percent of the total to rank as the third-biggest supplier. In terms of machining centers, Russia imported a total of US$281.1 million in 2014, with Taiwan supplying 11.5 percent of the equipment. (By Ma Chia-ying and Jeffrey Wu)


Updated : 2021-09-19 20:14 GMT+08:00