KUALA LUMPUR: Malaysia-Taiwan bilateral trade can exceed US$17 billion this year, said Representative James Chang Chi-ping from the Taipei Economic and Cultural Office in Malaysia.
He said this would be driven by the Taiwan government's New Southbound Policy which focused on South-East Asia, South Asia and Australasia as well as collaboration between private sectors.
"Among the sectors that could contribute to the improvements in trade include information and communications technology, e-commerce, agriculture, aquaculture and medical devices," he said.
Chang was speaking to reporters after officiating the Taiwan Excellence Pavilion in conjunction with the International Greentech and Eco Products Exhibition and Conference Malaysia 2017 in Kuala Lumpur on Wednesday.
“There are 18 countries in the New Southbound Policy, with special focus given to six countries - the Philippines, Vietnam, Thailand, Indonesia, India and Malaysia.
“The other countries are Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka, Australia, New Zealand and the rest of Association of South-East Asian Nations (Asean) members,” he said.
Chang said supported by the policy, trade between Malaysia and Taiwan from January to August recorded a double-digit growth compared to last year.
"That is why we are optimistic that total trade would certainly exceed US$17 billion this year," he said.
Taiwanese companies were actively participating in exhibitions in Malaysia and had participated in some 37 exhibitions to-date, an increase of 35% compared to last year, he said.
Chang said Taiwan was also eyeing opportunities to team up with Malaysia in the green technology area.
The proliferation and growth of green technology was a global trend with limitless potential and would benefit every country to tap into this trend, he said.
"Taiwan is at the forefront of green industry and has a strong history of successful collaborations with Malaysia across many areas. We are confident that further cooperation in green technology will bring huge potential in the future and together grow Asean's green market," he said. - Bernama