•Publication Date：01/22/2013
•Source： Taiwan Today
Taiwan’s third trade center in the Middle East was launched Jan. 20 in Kuwait, joining centers in Dubai and Iran, according to the Taiwan External Trade Development Council (TAITRA).
“Kuwait is an important oil-producing nation, with a gross domestic product per capita of US$46,142, ranking it 14th in the world,” TAITRA Chairman Wang Chih-kang said at the opening ceremony. “Consumer buying power is strong, and the council sees great potential for Taiwan’s high-end information and communications products and bicycles in the Kuwait market.”
Kuwait is a member of the Gulf Cooperation Council, together with Bahrain, Oman, Qatar, Saudi Arabia and the United Arab Emirates, and as the GCC common market develops, Taiwan firms will be able to use Kuwait as a base for participation in the reconstruction of Iraq, Wang noted.
“In 2009 the National Assembly of Kuwait passed a US$140 billion, five-year economic development plan that provides an excellent opening for Taiwan’s basic infrastructure companies such as precision machinery and construction materials,” he said.
Taiwan’s experience promoting small and medium enterprises coincides with Kuwait’s current policy, creating many possibilities for cooperation, Wang said.
According to TAITRA estimates, Taiwan’s automotive parts, consumer appliance and food product sectors stand to reap more than US$1 billion in business opportunities in the local market. A council official said that because of language and cultural differences few Taiwan enterprises have established operations there, although Yulon Group’s Luxgen Motors has already entered into a partnership.
“Compared to more mature markets, Kuwait is still virgin territory,” the official said. “The new trade center will help Taiwan’s companies expand their business throughout the Middle East.”
Kuwait is Taiwan’s 14th largest trading partner, with US$8.8 billion in trade last year, up nearly 12 percent from 2011. The Taiwan Trade Center, Kuwait replaces a similar TAITRA facility closed in 1995 due to the first Gulf War.
