The trade relations between Ukraine and Taiwan have entered the stage of mass cooperation between businessmen in both countries.
UKRAINE – TAIWAN: RECIPROCAL BUSINESS INTERESTS
The trade relations between Ukraine and Taiwan have entered the stage of mass cooperation between businessmen in both countries.
A large business delegation from the distant island country attended Kiev on June 3-7, 2000. The delegation comprised representatives of more than 50 companies that manufacture over 200 types of industrial products.
The organizers of Taiwanese businessmen’s visit were the Taiwanese World Trade Center and the Ukrainian Chamber of Commerce and Industry. Vice-president of the Taiwanese World Trade Center Richard Tsai headed the delegation.
On June 5, Kiev-based hotel Rus hosted the negotiations between Ukrainian and Taiwanese businessmen at the company level. Ukrainian entrepreneurs, of whom more than 150 participated in the negotiations, were most interested in cooperation with Taiwanese companies producing equipment for tool-making, optics, fabric-making, automotive spare parts, packaging, and articles made of plastics.
The Taiwanese businessmen visited a number of the leading Kiev-based enterprises, as well as food and clothing marketplaces.
With the purpose of expanding contacts, a reciprocal visit of Ukrainian businessmen’s delegation is scheduled for the near future.
Yuriy Slisaruk, coordinator of the Taiwanese World Trade Center in Ukraine, informed our correspondent that the key objective of the present-day business contacts between the two countries is organization of direct supply of Taiwanese-made commodities to Ukraine. Owing to a number of customs limitations, a significant portion of Taiwanese products currently comes to Ukraine from the third parties or as smuggled import.
According to the official statistical data, trade turnover between Taiwan and Ukraine added USD 27 million last year and reached USD 238 mln. The balance of trade was favorable for Ukraine at USD 209 mln.
In 1999, Ukrainian export to Taiwan went 15.7% up to total USD 232.5 mln. Ferrous metals and articles made of them accounted for nearly 95% of the total export. For example, Ukraine exported 158,817.6 tons of hot-rolled steel worth USD 26 mln. to Taiwan, which made up 3.5% of the total Ukrainian export of hot-rolled steel. Taiwan also imports Ukrainian mineral fertilizers and chemical fibers.
Ukraine’s import of Taiwanese commodities curtailed by 19.8% and amounted to USD 14.5 mln. last year. Ukraine purchased Taiwanese-made manufacturing equipment, chemical fibers, electronic devices, computers, and household appliances.
Over several past years, Taiwan has been among the global economic leaders. The gross domestic product of this Asian Tiger amounted to USD 290 billion in 1999, the gross national product per capita totaled USD 13,200, average annual income per capita came to USD 12,160 and the rate of economic growth reached 5.6% (the country’s population is 21.9 mln. people).
Taiwan ranks the 14th in the world in terms of foreign trade turnover and holds one of the leading positions as regards the amount of foreign investments. The Chinese data indicate that the total investments in the economy of mainland China amount to USD 24 billion.