Taiwan not worried about chain reaction following Turkish crisis

MOEA will continue to monitor developments in the U.S.-Turkish dispute

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An exchange business in Istanbul.

An exchange business in Istanbul. (By Associated Press)

TAIPEI (Taiwan News) – The drop of the Turkish lira following sanctions by the United States has caused global markets to slide, but so far, no chain reaction has appeared affecting other countries, the Ministry of Economic Affairs (MOEA) said Wednesday.

Some observers made comparisons to the 1997 Asian regional financial crisis, worrying that Turkey’s problems might trigger a similar international wave of financial and economic emergencies.

However, Turkey’s problems were its own, and so far, there were no signs that a chain reaction affecting other enemies was likely, said Kung Ming-hsin (龔明鑫), deputy economics minister.

There was no need to be nervous, though the MOEA would continue to monitor the evolution of U.S.-Turkish relations, the official said, according to the Central News Agency.

Taiwan External Trade Development Council (TAITRA) Chairman James Huang (黃志芳) voiced confidence in Taiwanese business people overseas, saying they had given proof of flexibility and could easily diversify or even move if the situation required them to do so, CNA reported.

Because of sanctions against Iran, there was no way to promote trade with that country, but Turkey was still an important trading partner and TAITRA was planning to visit that country on a market development mission later this year, Huang said.