Brexit’s effect on Taiwan minimal, says government

Brexit’s effect on Taiwan minimal, says government | Insurance Business

Brexit’s effect on Taiwan minimal, says government
The UK exiting the European Union, popularly known as “Brexit”, has a limited effect on Taiwan as of the moment, but the government will keep an eye out for any future developments and take action if necessary, said Cabinet spokesman Tung Chen-yuan.
“With crisis comes opportunity that Taiwan must be able to recognize and grasp,” Tung said, relaying comments by Premier Lin Chuan during a meeting with the heads of various central government agencies.
According to Lin, after Brexit, the UK and EU may both expand their trade relations with Asian countries, and current conditions may generate more interest in investing in Taiwan. “The MOEA must devise related approaches to encourage investment in Taiwan should any opportunity arise,” Lin continued.
The premier also added that the UK will have to renegotiate its relations with the various global trading partners, and Taiwan must be prepared to cope with the new developments.
The Ministry of Finance, Ministry of Economic Affairs, and Central Bank of Taiwan all believe that Brexit won’t have much direct impact on the island’s economy, and the resulting long-term changes in the international economy will influence investment and consumption in Taiwan.
The Financial Supervisory Commission added that Taiwan’s financial institutions have good fundamentals, limited risk exposure to the UK economy.
The UK is Taiwan’s 16th largest trading partner, and third largest among European countries. MOEA statistics show that Taiwanese firms have invested in 189 projects in the UK, ranging from information communications technology to financial services, clean energy, and transportation.
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