Taiwan opens trade center in Mla

MANILA, Philippines - The Philippines and Taiwan intend to strengthen and increase trade and investment flows with the establishment of the Taiwan Trade Center here.

Taiwan External Trade Development Council president and chief executive officer Peter Huang told reporters on the sidelines of the ceremony for the opening of the Taiwan Trade Center in the Philippines that they intend to increase bilateral trade with the Philippines.

While Taiwan is aiming for a 10-percent growth in trade with the Philippines by the end of this year, he said the goal is to increase that further in the coming years as they strengthen trade promotions.

“Next year and looking forward to the next years, with more economic recovery, the trade between Taiwan and Philippines, I think will be in a more fast pace. We hope it will be better than 10 percent,” he said.

With the opening of the Taiwan Trade Center in Makati City, he said the plan is to encourage more Taiwanese businessmen to visit the Philippines and check out opportunities as well as to organize trade missions composed of Filipino businesses to Taiwan.

He noted that eight to 10 trade missions composed of Taiwanese businessmen to the Philippines are being organized for next year, double the number this year.

Trade undersecretary Ponciano Manalo Jr. said in the same event that while bilateral trade and investment relations of both parties have been growing, he is optimistic that the opening of the Taiwan Trade Center will help further enhance the existing economic relations.

He noted that bilateral trade of the Philippines and Taiwan amounted to $6.8 billion in 2012.

As of the first semester of this year, bilateral trade of the two parties reached $3.1 billion.

Total Taiwanese investments to the Philippines amounted to P2.5 billion last year.

As of the first-half, total investments from Taiwan to the Philippines stood at  P1.1 billion.

“With the support of the Taiwan Trade Center in Manila, more and more Taiwanese businessmen will get to appreciate the Philippines, our domestic market, the countless business opportunities we offer, as well as the benefits of our close linkages to the rest of the ASEAN (Association of Southeast Asian Nations)  market,” he said.

“We hope, what will start as mere trading activities will eventually develop into long-term and deeper business partnerships with our local Filipino business community,” he said.