The Vice Chairman of Asharqia Chamber, Badr bin Sulaiman Al-Rizeaza, urged Taiwan companies to invest in the opportunities in the Kingdom and contribute to the development of the business sector in both countries.
In his speech on Thursday, March 8, 2018 to a Taiwanese trade delegation that led by the Taiwan's Deputy Foreign Trade Chief Executive, Jeff Hoe, Al-Rizeaza said that the Kingdom's most ambitious 2030 vision carries many initiatives that would provide many and varied investment opportunities. He stressed that the Eastern Region represents the best economic destination for international companies. He also pointed out that the region is the heart of industrial activities, not only in the Kingdom, but also in the entire Gulf Region. He called on Taiwanese companies to take advantage of promising trade and investment opportunities by establishing manufacturing bases for their products, especially in the Eastern Province.
He added, "There is scope for more investments, especially with the acquisition of Taiwan companies on advanced technology that to be settled in the Kingdom." In addition, Asharqia Chamber would provide all the support for Taiwanese companies in their efforts to identify local partners to introduce their products and initiate joint ventures in Saudi Arabia.
Moreover, Jeff Hoe said that his country is seeking long-term cooperation with the kingdom in line with Saudi Arabia's recently announced 2030 vision. He is hoping that this would benefit both countries in the future. He noted that the Kingdom is a major trading partner of Taiwan, where Saudi Arabia is classified as the largest supplier of oil to Taiwan.
Because Taiwan's products become more popular in the Saudi market, bilateral trade reached more than $ 7 billion in 2017, according to Taiwanese government statistics.
The Kingdom's imports from Taiwan reached about 1.8 billion dollars, while the exports to Taiwan reached 5.2 billion dollars during the period. The visiting Taiwan delegation is represented in a wide range of products such as auto spare parts, electronic and digital devices, development of Internet networks, water treatment solutions, spare parts for air conditioners, machinery, appliances, and textiles and clothing.
