Taiwan trade delegation to visit Saudi Arabia to explore business opportunities

As part of its efforts to improve international linkages and boost trade and investment, Taiwan will send a high-profile trade delegation to visit Saudi Arabia and Bahrain from May 24 to June 4. The 12-day trade mission, organized by Taiwan’s International Trade Administration, Ministry of Economic Affairs, and Taiwan External Trade Development Council (TAITRA), will focus on exploring opportunities and areas for collaboration between the Kingdom and Taiwan.

This was disclosed by Munira Lou, director of Taiwan Trade Center, Riyadh, here today. Lou said: “I am delighted to welcome so many leading Taiwanese companies to explore the business opportunities Saudi Arabia offers.”  She said that Taiwan considers the Kingdom a key country on its priority list to boost economic links. “Today, Saudi Arabia is Taiwan's largest trading partner in the Middle East,” added Lou, while referring to the bilateral trade exceeding $12 billion annually. 

Lou pointed out that the business delegation would be in Jeddah on May 26, Riyadh on May 28 and Bahrain on May 29. A total of 21 manufacturers are participating in this delegation. Their industries include Taiwan's high-quality product manufacturing industry, which includes electronics, machine tools, building materials, medical equipment, and information and communication industries. She said the business mission will visit the Jeddah Chamber of Commerce and the Riyadh Chamber of Commerce this time. 

She said that the leader of the business delegation is Rania Ho, general manager of Double Max International Company. Rania Ho, she said, is a successful female entrepreneur of Taiwan. Director Lou pointed out the companies included in the trade mission represent different sectors and products like cooling solution, electrical components, blowers and fans, cable assembly plastic and molding products, air filtration, electronic components, BME devices, high-pressure laminates, and AI-assisted software.

Referring to the Taiwan trade delegation’s visit to Saudi Arabia, a profile of companies said that the trade mission is composed of senior executives and representatives of major Taiwanese companies like Ama Tech Corp, Camsco Electric Co, Chen Kong Trading Co, Ching Yuang Enterprise,  Double Max International Co, Ible Technology Inc, Lydsec Digital Technology, Maytun International Corp, and La Kaffa International Co.

A few other important companies included in the trade mission are Powermax Global Corporation, Ranarc Co Ltd, Shao Cheng Industrial Co, Sheng Yeong Products Co, Shianglong International, Sunflower Corporation, Taichung Veterans General Hospital, Taipeilaw Attorneys-At-Law Firm, Ulih Tide Enterprise Co, and Yu Lay Trading. These companies have evinced keen interest and are planning to explore business opportunities in Saudi Arabia.

“Regarding the commercial and industrial aspects, in the face of the realization and planning of Saudi Arabia’s Vision 2030 plan, Taiwan, in addition to being a long-standing ally of Saudi Arabia, is engaged in cooperation and exchanges in the latest science and technology, software and hardware research and development, and customized services for high-quality products,” said Lou. She said that Taiwan is Saudi Arabia’s 29th largest import source country in the world (2022). Taiwan is Saudi Arabia’s eighth-largest export destination in the world, as per 2022 statistics.

On the commercial front, the Kingdom and Taiwan have forged closer ties. She pointed out that Saudi Arabia’s export value to Taiwan was SR39.126 billion in 2022 with Taiwan’s cumulative investment in Saudi Arabia exceeding $1.16 billion. Tiwan's major investors and factories in Saudi Arabia include Jubail Fertilizer Company, CTCI Engineering and TECO Electric, located in the Eastern Province of Saudi Arabia. 

In 1980, Taiwan Fertilizer Corporation and Saudi Basic Industries Corporation (SABIC) jointly invested in establishing  Jubail Fertilizer Company. It is the largest reinvestment enterprise of Taiwan Fertilizer Company. Both parties invested 50%. The contract period was 20 years. After both parties increased their capital, expanded their cooperation, built a new factory, and signed in September 2009 to extend the contract until 2033.

CTCI has been operating in Saudi Arabia for many years. A few years ago, it began obtaining subcontracting cases from main contractors (turnkey services such as design, procurement, and construction) and is actively seeking new bids. Teco-Middle East Electric & Machinery's main products in Saudi Arabia are motors for the petrochemical industry. In order to expand the market scale, in early 2008, it established a joint venture Teco-Middle East Electric & Machinery in Dammam.

In terms of the service industry, our company operates the Hua Palace series of restaurants (including Hua Palace, Mirage and Le Chateau) in Riyadh and Jeddah. It has been operating in Saudi Arabia for decades and has a share of the Chinese restaurant market in Saudi Arabia. On the other hand, Lou said that the Foxconn Group and Saudi Arabia’s Public Investment Fund (PIF) have signed an agreement to establish the electric vehicle brand Ceer jointly. 

Saudi Arabia and Taiwan have set out goals for maintaining and strengthening bilateral relations; activating trade and investment exchanges; and providing assistance for joint projects and activities. It is clear that economic and commercial cooperation between Taiwan and Saudi Arabia will increase in the coming years. Saudi oil accounted for nearly 30 percent of Taiwan’s total oil imports, and Saudi Arabia continues to be a major source of oil for Taiwan. Therefore, the energy dimension of Taiwan-Saudi relations is a fundamental component of the bilateral relationship.

It is important to note that the TAITRA, with the support of the Bureau of Foreign Trade (BOFT), Taiwan Ministry of Economic Affairs, has established the Taiwan Trade Center, in Riyadh. As a female leader and brilliant professional, Munira Lou is the first female director of the Taiwan Trade Center to be sent to Saudi Arabia. This marks TAITRA's fifth regional center, followed by successful centers in Istanbul, Dubai, Tel Aviv, and Tehran. 

Today, the Kingdom is one of the most developed economies in the world and is an important trade and investment partner for Taiwan. With its resilient economic fundamentals, talent pool, and infrastructure, Saudi Arabia is an attractive regional hub for Taiwanese companies, entrepreneurs, and investors. On top of this, Saudi Arabia is taking impressive steps to improve the business environment, attract foreign investment, and create private-sector employment.