The sixth Taiwan-Austria Economic Dialogue was staged March 14 in Taipei City, underscoring the two sides’ shared commitment to deepening partnership across the board.

Convened by Deputy Minister of Economic Affairs Chen Chern-chyi and Franz Wessig, head of the Directorate Foreign Economic Relations under Austria’s Federal Ministry of Labour and Economy, the event focused on customs regulations, digital and innovation cooperation, and the shift to Industry 4.0.

In his opening remarks, Chen said that small- and medium-sized enterprises are the backbone of both economies. The MOEA is committed to fostering startups while promoting industrial upgrades and digital transformation of SMEs, he added.

According to Chen, tie-ups in green energy and innovation transition between the two countries are set to take off following the launch of Taiwan’s pathway to achieve net-zero emissions by 2050.

Echoing Chen’s remarks, Wessig said Taiwan and Austria are innovative and open economies that play a key role in the global supply chain. The EU member state is working to cement its business position through a transformation plan accelerating research, manufacturing and energy transition, he added.

According to the MOEA, the two sides inked a memorandum of understanding to boost partnership between their respective innovation industries, facilitating substantial investment and cooperation opportunities.

Statistics show that bilateral trade totaled US$17 billion in 2022, up 6 percent from the year before, making Austria Taiwan’s seventh-largest trading partner in the EU.

Source: Ministry of Foreign Affairs, Republic of China (Taiwan)