This snapshot taken on 04/03/2010, shows web content selected for preservation by The National Archives. External links, forms and search boxes may not work in archived websites.
We're creating a single website for everything to do with BIS but, while we do that, you'll find information in three places. > Find what you're looking for
Gareth Thomas MP, Former Minister for Trade, Development and Consumer Affairs (jointly with DFID)
Ministry of Economic Affairs, Taipei, Taiwan, 15 January 2009
Vice Minister, Ladies and Gentlemen:
It gives me real pleasure as the UK’s Minister for Trade to lead what is a strong and very high level delegation at these talks.
(Introduction of British delegates)
Mr Lim, the strength of our delegation is a measure of the importance the UK attaches, in particular to our economic relationship with your administration.
Our relationship is a strong one but I believe it could be even stronger and provide new opportunities for both British and Taiwan.
As all of us here will recognise we are in challenging economic times for both our economies.
In the UK we are entering this period of global turbulence having an unprecedented 63 consecutive quarters of positive growth, record levels of employment and historically low inflation.
And last year we saw over 1500 new foreign direct investment projects; from 48 countries a 10% increase on the year before.
That inward investment from overseas companies, including Taiwan, created over 45,000 new jobs and safe-guarded another 58,000 in the UK.
Whilst we face short term challenges we know that openness to trade and new investment will continue to be central to our long term economic future and fundamental to our immediate recovery.
Indeed key to our future will be our ability to offer new solutions, new goods and new services into emerging and high growth economies such as your own.
Taiwan then, represents a key market for the UK.
Our bilateral trade in goods and services continues to grow; and we welcome the fact that the UK attracts the largest share of Taiwanese investment into the EU.
This is one of the reasons why UKTI continues to devote significant time and resources to this strategically important market.
Vice Minister, before leaving the UK I met with the UK side of the Taiwan Britain Business Council, some of whom are here now.
They wanted me to thank you for engaging with us in these talks and, most of all, to offer their thanks which I support for the progress you have made over the years in improving the business environment in Taiwan.
Notable achievements have included moves to deregulate the financial services market and the steps you have taken to offer greater IPR protection.
Your decision, just last month, to accede to the Government Procurement Agreement, is especially welcome.
If you felt this might help, we would of course be happy to work with you to help show that this is not simply about foreign firms winning contracts in Taiwan, but that it is, much more importantly, about greater value for Taiwanese consumers, and about Taiwanese businesses being able to access $5.5 trillion of government work around the world.
The UK-Taiwan headlines are good.
Bilateral trade has continued to grow breaking the £3billion mark in 2007.
In Taiwan, there are more than 300 registered UK businesses.
In the UK, there are over 180 Taiwanese businesses contributing fully to our wealth and prosperity on a daily basis.
However, digging beneath those headlines suggests that there is so much more we could, and should, be doing.
Despite the slowdown, the UK remains the best place in the world to raise capital and we want to work with Taiwanese businesses as they internationalise.
With less than 1% of Taiwanese overseas investment in the EU, there is huge scope for more Taiwanese investment into the EU – and by that I mean the UK.
These talks are in particular an excellent opportunity to improve the business environment and consider how Taiwanese and British businesses can exploit it further.
Your decision on the Government Procurement Agreement sends a major signal that you are open for business. We look forward to early implementation.
We will be encouraging you in our talks to continue to remove a small number of other discriminatory barriers which prevent UK business established in Taiwan from fulfilling their potential.
We have watched with great interest developments in cross-straits relations over the last six months.
We have been greatly encouraged by the opportunities these developments are opening up for business.
Lastly you will know that British hosts the G20 international meeting this year. I look forward to hearing you views on how we can use that meeting to help take forward efforts to stimulate the international economy and reform global financial institutions.
In conclusion, I know UK businesses stand ready to co-operate with Taiwan to develop your economy still further.
Vice Minister, it is a genuine privilege for me to be in Taiwan today.
Thank you.
