TAITRA, with the support of the Bureau of Foreign Trade (BOFT), Ministry of Economic Affairs, has announced the establishment of its latest stronghold in the Middle East, the Taiwan Trade Center, Riyadh. This marks TAITRA's fifth center in the region, following successful centers in Istanbul, Dubai, Tel Aviv, and Tehran. The inauguration ceremony took place on May 23rd, 2023, at the Riyadh International Convention and Exhibition Center, gathering over 150 distinguished guests and prominent business leaders.
Dignitaries present at the event included Dr. Teng Sheng-Ping, the Representative of the Taipei Economic and Cultural Representative Office in the Kingdom of Saudi Arabia, representatives from the Riyadh Chamber, as well as delegates from Japan, South Korea, Vietnam, Georgia, and various economic and trade promotion agencies. On this occasion, TAITRA also signed a memorandum of cooperation with the Riyadh Chamber to strengthen local business alliances.
Mr. James Huang, Chairman of TAITRA, emphasized the strategic importance of establishing trade centers in key partner countries for Taiwan. Saudi Arabia, which emerged as Taiwan's 14th largest trading partner in 2022 with a remarkable annual trade volume of US$12.569 billion, represents a significant opportunity for further growth, boasting a substantial increase of 42.54%. As the largest economy in the Middle East, Saudi Arabia is actively implementing its Saudi Vision 2030 plan. Recognizing the market potential and the significance of Saudi Arabia's development, TAITRA seized the opportune moment to establish the Taiwan Trade Center in Riyadh. The center aims not only to expand trade opportunities for Taiwan but also to foster joint ventures and public-private partnerships between Taiwanese companies and Saudi Arabia, leveraging the extensive business opportunities arising from Saudi Arabia's reform and opening up policies. Mr. Huang emphasized Taiwan's willingness and capability to collaborate with Saudi Arabia in achieving shared future prospects.
Saudi Arabia's ambitious "Vision 2030" plan aims to comprehensively modernize the country and propel it into the ranks of the world's top 15 economies. In line with Saudi Arabia's strategic focus, Taiwan's industries possess competitive advantages in various sectors, including aerospace, smart mobility, transportation and logistics, food and agriculture, building components and services, entertainment and leisure sports, renewable energy, healthcare, consumer goods, retail, and telecommunications. These sectors align with the goals of Vision 2030 and present significant opportunities for collaboration between Taiwan and Saudi Arabia.
To maximize the potential of the newly inaugurated Taiwan Trade Center in Riyadh, Mr. James Huang, along with a delegation of ten prominent Taiwanese companies, including Hon Hai, Master Transportation Bus Manufacturing, Himax, Advantech, Zerova, and Taichung Veterans General Hospital, embarked on a productive visit to local multinational corporations. Known as the "2023 Taiwan Flagship Delegation to the Middle East," the delegation engaged in fruitful discussions, exploring avenues for partnership and collaboration.
TAITRA actively seeks collaboration with Saudi Arabia to capitalize on the numerous business opportunities available and to support the nation in achieving its Vision 2030 goals. By leveraging Taiwan's expertise and the resources offered by the TAITRA and Taiwan Trade Center, both countries can foster a mutually beneficial partnership that drives economic growth and prosperity.
Mr. Woody Wang, the inaugural director of the Taiwan Trade Center, Riyadh, brings extensive experience from his previous assignments in key locations in the Middle East, including the United Arab Emirates, Nigeria in Africa, and Bangladesh in Asia. With the establishment of the Taiwan Trade Center in Riyadh, TAITRA is fully committed to transforming it into a pivotal platform for economic and commercial cooperation between Taiwan and Saudi Arabia.
For further assistance or inquiries, please feel free to contact TAITRA and the Taiwan Trade Center, Riyadh. We are ready to serve you and provide the necessary support you may require.
Taiwan Trade Center, Riyadh
Mr. Woody Wang, Director
Tel: +966-(11)-247-7758
Email: riyadh@taitra.org.tw
Website: https://riyadh.taiwantrade.com/home