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EU-Taiwan ties dynamic and robust on multiple fronts says EETO

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201407080037t0001In a statement released on 8 July, the European Economic and Trade Office (EETO) in Taipei said that the European Union and Taiwan enjoy "a dynamic and robust relationship on multiple fronts".

In addition to strong economic ties, the EU and Taiwan also co-operate in many other fields, such as research and technology, nuclear safety, human rights dialogue and cultural exchanges, the Office elaborated in its 2014 fact file. The EETO highlighted trade in services, which has grown significantly over the past decade from €3.8 billion in 2002 to €7.95bn in 2012. Taiwan's investment in the EU last year also grew to €124 million from €52m in 2012, while the EU remains Taiwan's largest foreign investor.

Despite these promising figures, EETO head Frederic Laplanche still urged more Taiwanese investment in the EU, as this accounted for only 3.2% of its total overseas investments in 2013. "The economic potential can only be fully utilized with appropriate investment in the EU," Laplanche said, noting that the EU has a market of 507 million customers with high purchasing power. "Bilateral investments between the EU and Taiwan are essential to our economic cooperation and we wish to encourage further growth on this front," he added.

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