A Taiwanese business delegation led by Deputy Minister of Ministry of Economic Affairs Mr. Shih-Chao Cho paid a visit to St. Petersburg from April 27 to 29, 2016. The delegation was co-organized by Chinese International Economic Cooperation Association (CIECA) and Taiwan External Trade Development Council (TAITRA) and comprised 40 Taiwan businessmen representing well-known companies such as ACQU Group, Aker Technology Co., and Aropec Sports.
The purposes of the visit were to enhance bilateral trade and investment and to facilitate economic cooperation and commercial interaction between Taiwan and Russia.
On April 28, TAITRA organized B2B meetings in Hotel Kempinski. The meetings began with welcoming remarks by Deputy Minister Shih-Chao Cho and Ms. Ekaterina Lebedeva, Vice President of the St. Petersburg Chamber of Commerce and Industry, who stressed the importance of both sides expanding relations across a wide range of sectors.
Afterwards, the delegation visited the St. Petersburg Chamber of Commerce and Industry and the leading innovative biotechnology company Biocad. Such visits help to reinforce trade and establish business relationships between Taiwan and Russia.
As the world’s fifth largest economy, Russia plays a key role in global trade. It is Taiwan’s 24th largest trade partner and accounted for 0.7% of Taiwan’s overall foreign trade, though bilateral trade volume fell substantially in 2015. According to our customs statistics, in 2015, bilateral trade volume between Taiwan and Russia reached US$3.55 billion, down 28.3% compared with 2014. Of that figure, Taiwan’s exports to Russia amounted to US$1.029 billion, down 21.66%, making Russia
Taiwan’s 26th largest export market, with exports to Russia accounting for 0.37% of our total exports. Meanwhile, Taiwan’s imports from Russia were worth US$2.525 billion, down 30.7% from 2014, making Russia Taiwan’s 17th largest import source, with imports from Russia accounting for 1.1% of our total imports. The bilateral trade volume between Taiwan and Russia has a lot of room
for expansion in the future.