Taiwan-Israel business association inaugurated this week. the Director for Taiwan’s office in Israel said "bilateral trade between Israel and Taiwan totals US$1.4 billion each year"
A business association between Taiwan and Israel was inaugurated on Thursday in Tel Aviv to cement more business exchanges following the reciprocal visa waiver which took effect the same day.
Chang Liang-jen, Taiwan's top representative to Israel in the absence of formal ties, said at the opening that the Taiwan-Israel Businessmen Friendship Association (TIBFA) will likely improve business cooperation between the two countries after the implementation of visa-free programs.
Taiwan is represented in Israel by the Taipei Economic and Cultural Office. Like most countries, Israel does not give full diplomatic recognition to Taiwan because of pressure from China.
Jacob Fass, who at the ceremony was named the inaugural chairman of the Taiwan-Israel Businessmen Friendship Association recognized the strength of Taiwan's economic power and expressed optimism that the initiative will attract more business groups to visit his country for further trade opportunities.
Mike Chuang, economic director for Taiwan’s office in Israel, said bilateral trade between Israel and Taiwan totals US$1.4 billion each year, about US$700 million each way. This could reach up to US$5b. if all opportunities for partnership are realized, he said.
Chuang encouraged Israeli businesses to cooperate with Taiwanese firms and said that Israel can use Taiwan as a springboard into the Chinese market, especially after the Economic Cooperation Framework Agreement (ECFA).
