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European business invested €53 billion in Taiwan during pandemic

ECCT head says pandemic has provided 'golden opportunities for Taiwan to build its strengths'

Taiwan and EU flags. (European Parliament’s Committee on Foreign Affairs image)

Taiwan and EU flags. (European Parliament’s Committee on Foreign Affairs image)

TAIPEI (Taiwan News) — The European Chamber of Commerce Taiwan (ECCT) on Tuesday (Jan. 25) pointed out that European companies have invested €53 billion (NT$1.66 trillion) in Taiwan during the pandemic, a testament to the country's resilience.

In a press release issued on Tuesday, the ECCT stated that it had hosted a banquet ahead of the Lunar New Year titled "Europe-Taiwan: Roaring into the Year of the Tiger." During the event ECCT Chairman Henry Chang (張瀚書) pointed out that despite the disruptions caused by the pandemic, it afforded some "golden opportunities for Taiwan to build its strengths" and establish stronger relations with its European business partners.

Chang said that these strengthened bonds were evidenced by €53 billion investments by European firms during the pandemic. He points out that Taiwan's past formula for success is its "open society and integration with the world economy" and he called on the government to adhere to these advantages amid this period of uncertainty.

According to Chang, ties between the ECCT and the Taiwan business community have strengthened over the past year through its Next Generation Business and Leaders Series, which stages activities through YouTube, the Regent Group, ASML, and others. Although there was a five-month pause on organizing events due to the pandemic, Chang said that the ECCT continued to hold meetings with the government and later hosted some large-scale events.

Events the organization recently hosted include the first-ever Healthcare Forum, its second Electric Vehicle Forum, and the third Global Offshore Wind Energy Summit, the latter of which saw 1,000 attendees. The chamber also coordinated with its partners in generating new reports on Eco-Mobility and Eco-Logistics, Circular Supply Chains, Digital Health, and the Robert Walters Salary Survey 2021.

The ECCT also held a series of virtual meetings with officials from the European Commission as its annual Open Door Mission trip to Brussels had to be canceled. Chang also mentioned that European firms are also playing a key part in developing Taiwanese talent for future industries with the ECCT, National Taiwan University, and the European Union Centre in Taiwan cooperating on educating students about European entrepreneurship.

Chang asserted that in all areas of economic and social life across numerous sectors of industry, "Taiwan’s goals and European expertise have never been more aligned." He asserted the as Environmental, Social, and Governance (ESG) becomes more key to business, "this provides a historic opportunity to draw us closer together based on mutual interests, reciprocity, and shared values."

Updated : 2022-05-20 07:08 GMT+08:00