TAIPEI (Taiwan News) – The 32nd Joint Conference of the ROC-Australia and Australia-Taiwan Business Councils was held in Taipei on Aug. 31, with success stories of Australia-Taiwan celebrated extolled, and potential future partnership explored.
The second plenary session on finance was a highlight, with informative presentations given by representatives of Taiwan's CTBC bank and ANZ Bank Group.
The annual joint conference between the bilateral business councils has become a regular platform for communication and collaboration. This year's conference was held in Taipei on Aug. 31, after a welcome dinner at the National Palace Museum on the evening prior.
This year's conference had four focus areas; energy, the digital economy, finance, and case studies of successful Australia-Taiwan collaboration. Presentations on Taiwan's economic strategies, as well as the New Southbound Policy were prominent.
Nick Huang (黃毅), Deputy CEO, Institutional & International Banking at CTBC Bank gave a high-level overview of Australia-Taiwan economic relations. He said that despite Australia being reasonably far away in terms of distance, the two economies are highly complementary.
He said that Australia's energy resources, political stability, and including the largest financial market in the Southern Hemisphere, Sydney, are core strengths.
Nick Huang speaking at the conference. (Taiwan News)
Huang said that Australia's financial market was a good location for Taiwan's excess liquidity, and CTBC has strong involvement in this space.
When looking to the future, Huang said that with Taiwan's New Southbound Policy, there will be more opportunities for Taiwan to develop financial links with Australia and the Asia-Pacific, and this can happen not just bilaterally, but also through third party countries.
Raymond Yeung (楊宇霆), Chief Economist of Greater China at ANZ, built on Huang's presentation, and encouraged the audience to be creative when thinking about new opportunities for financial collaboration.
Yeung spoke about the direct currency conversion problem for the New Taiwan Dollar, and suggested this could be an area for creative improvement.
Raymond Yeung speaking at the conference. (Taiwan News)
Yeung also spoke about using financial institutions as a means to reduce over exposure to the U.S. dollar. The ongoing U.S.-China trade war has potential to influence currency markets, so this risk is likely to be larger today than this time last year.
Yeung stressed that cooperation and networking is now how global banking works, not just bilaterally but also through third party countries.
The conference was capped off by two case studies of Australia-China business success. The joint venture between Swancor Renewable and Macquaire Capital in Taiwan's offshore wind industry was presented by both firms, as well as weather coordination presented by Australia's Weatherzone.
The conference had over 150 participants, and featured senior officials and business figures from both Australia and Taiwan.