Chairman, Taiwan External Trade Development Council, Mr. James Huang, has expressed the country’s readiness to enlarge trade relationship with Nigeria.
Speaking at the closing ceremony of Taiwan Technology Day held recently in Lagos, Mr. James Huang who led I0 man delegation on a visit to Nigeria affirmed that both countries can leverage on their assets in bilateral exchange.
According to Huang, their visit hopes to boost the prevailing trade relationship between both countries and also a fact finding mission.
He revealed that the delegation would upon their return to Taiwan would update the business community on the potential of Nigeria and encourage them to come and invest and become Nigerian partners, not just selling goods to Nigeria.
Huang, a former Taiwan External Affairs Minister, described his country as a leader in terms of information technology, industries, electronics, manufacturing, technology transformation and Artificial Intelligence (AI).
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Explaining further, he said: “Taiwan is very strong in terms of petrochemical industries-all the way from upstream to downstream applications. So I think petrochemical industries, products and fine chemicals are areas that Nigeria and Taiwan can cooperate with each other. Other areas include machinery, machine tools, auto parts and consumer goods. I think there’s great potential for the two countries to work with each other. I firmly believe that ICT solutions, smart solutions, green energy solutions, those are the strengths of Taiwanese industries, and we have a great potential to work with each other.
“The trade volume is steadily growing, and we import a lot of natural resources and energy-related products from Nigeria. We export auto parts, machineries and consumer foods to Nigeria. So, we’ll get to see more industrial cooperation between our two countries so that we can achieve mutual benefits in a win-win situation,”.
On his part, representative and Head of Mission of the Taipei Trade Office in Nigeria, Mr. Andy Yih-Ping Liu, noted that Nigeria and Taiwan have a lot to gain from each other in fostering trade.
Also speaking at the event which was organised by International Trade Administration of Taiwan and Taiwan External Trade Development Council in Lagos, Chairman of council, Lagos Chamber of Commerce and Industry, (LCCI) Gabriel Idahosa commended the organisers of the event, adding that it would strengthen the ties between Nigeria and Taiwan, particularly in petrochemicals, plastic machinery, and beyond.
Describing technology as the heart of global economic development, he said: “the past decade has seen rapid advancements in digital technology, artificial intelligence (AI), and industrial automation, fundamentally transforming how businesses operate and compete globally.
“Take for example, in 2023, global spending on digital transformation is projected to reach $2.8 trillion, reflecting a compound annual growth rate (CAGR) of 15.5 percent from 2020. This investment highlights the critical role of technology in enhancing productivity, reducing costs, and driving economic growth.’’
According to him, the emphasis on technological innovation in Taiwan has been a cornerstone of its economic success, adding that Taiwan’s prowess in semiconductor manufacturing, electronics, and machinery is well-known.
These industries, he said have made Taiwan a critical player in the global supply chain.
Explaining further, he affirmed that Taiwan Semiconductor Manufacturing Company (TSMC) alone accounts for over 50 percent of the global market share in semiconductor manufacturing, a testament to the country’s technological leadership.
Speaking also, Chairperson Creative and Entertainment Group, Lagos Chamber of Commerce and Industry, Dr. Ngozi Omambala lauded the organisers of the event, adding that it would strengthen the ties between the two nations.
