TAIPEI (Taiwan News) — The Taiwan External Trade Development Council (TAITRA) has opened an office in Saudi Arabia to participate in the Middle Eastern country’s economic transformation programs, reports said Wednesday (May 24).

The trade group also signed a memorandum of understanding (MOU) in Riyadh on Tuesday (May 23) to further develop economic relations as the country put its Saudi Vision 2030 blueprint into practice. TAITRA Chair James Huang (黃志芳) said his organization would assist Taiwanese companies with seeking business opportunities, CNA reported.

The new trade center is TAITRA’s fifth in the Middle East, following offices in Istanbul, Tel Aviv, Dubai, and Tehran. As Saudi Arabia is developing alternatives to reduce its reliance on oil, Taiwan’s business sector could provide models for cooperation, including joint ventures, Huang said.

Taiwan is competitive in a range of sectors that interest Saudi Arabia, including smart mobility, food and agriculture, aerospace, entertainment, healthcare, and green energy, according to TAITRA.

Huang also pointed out that Saudi Arabia was the only country in the Middle East and North Africa to have signed an agreement with Taiwan to prevent double taxation. The accord, which came into force last year, helps promote investment and exchanges, Huang said.