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TAITRA to Open Taiwan Trade Center in Cambodia at End of August

Aug 06, 2014 | By CENS

Taiwan External Trade Development Council (TAITRA), a government-backed trade promoter, has recently been approved by the  Cambodian government to set up the "Taiwan Trade Center" in Phnom Penh City, the national capital, which is to open at the end of August and become the eighth such center in ASEAN.

Last year TAITRA established similar trade centers in two ASEAN (Association of Southeast Asian Nations) member states, with one in Yangon, Myanmar and the other in Manila, the Philippines.

A TAITRA official says that ASEAN has 10 members including Thailand, Malaysian, Singapore, Vietnam, Indonesia, Cambodia, the Philippines, Myanmar, Laos, and Brunei, which has become Taiwan's second largest export market driven by a robust Asian economy.

According to IMF's prediction, Cambodia will likely see average annual economic growth of 7.3% from 2013 to 2017. To attract foreign investments, the Cambodian government is offering preferential business income tax rates and free-duty imports of materials to foreign investors, hence turning the nation into a favorite manufacturing base for many foreign enterprises.

Taiwan has in recent years witnessed rapid growth in external trade with Cambodia: In 2009 Taiwan's exports to the country totaled US$320 million, then rose to as high as US$706 million by 2013.

Based on the statistics released by the Cambodian government, Taiwan has invested from 1994 to 2012 some US$935 million in 298 projects there to be the country's seventh largest investor.

TAITRA's establishment of a trade center in Phnom Penh aims to help Taiwanese manufacturers to explore not only the  Cambodian market, but also others in ASEAN members.

Cambodia currently has strong demand from Taiwan automobiles & motorcycles and related parts, bicycles & related parts, food processing machines, woodworking machines, agricultural tools & equipment, medical devices & equipment, hardware & building materials, solar-powered systems, wireless network & transmitting equipment etc. (JL)  


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