Taiwan Seeks to Expand Tech Cooperation with Saudi Arabia

Taiwan looks to increase cooperation with Saudi Arabia in several economic fields. In the photo, Taipei 101, one of the tallest towers in the world at 508 meters, is shown in the capital city of Taipei (Asharq Al-Awsat)

A Taiwanese diplomat has emphasized the strategic relations between Saudi Arabia and Taiwan as the latter aims to expand bilateral cooperation in new value-added technologies.
“Since the 1970s, Saudi Arabia and Taiwan have shared a deep and significant partnership. Taiwan has reiterated its support for Saudi Arabia’s Vision 2030, led by King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman,” said Teng Cheng Ping, head of Taiwan’s mission in Saudi Arabia.
Speaking to Asharq Al-Awsat, the Taiwanese representative noted that Taiwan holds the fourth-largest foreign exchange reserves globally, highlighting the saving habits of its consumers.
He pointed out that the entry of Saudi National Bank into Taiwan’s Formosa market as the first Saudi bank reflects the uniqueness of bilateral relations and the mutual desire to forge a strategic partnership for a better future, enhancing comprehensive bilateral cooperation, friendship, and cultural understanding between the two peoples.
“Saudi Arabia has requested Citibank and Goldman Sachs to issue $500 million in unsecured floating-rate bonds for five years. In the future, Taiwan will continue to invest in the Kingdom and support the country’s efforts to advance Vision 2030,” said Ping.
He also mentioned that Foxconn is still discussing high-tech collaboration projects with the Saudi government.
The company’s operations in the Kingdom focus on electric vehicle technologies, a key aspect of industrial technological cooperation that adds value to the industrial economy.
According to Ping, Taiwan leads the world in high-tech industries such as semiconductors, chip manufacturing, and design.
These sectors are crucial components of artificial intelligence technology, making them vital areas for collaboration with Saudi Arabia in shaping the new industrial future.
“Currently, Taiwan has built semiconductor plants in the United States, Japan, and Germany, with these countries also investing in Taiwan,” Ping said.
“Therefore, Taiwan and Saudi Arabia can enhance cooperation in these fields in the future,” he added.
Ping emphasized that Foxconn’s investment in Saudi Arabia, as the world’s largest manufacturer and provider of technical services, in the field of electric vehicle technologies, will bolster the Kingdom’s strategy to empower promising sectors, including the automotive industry.
This move contributes to diversifying Saudi Arabia’s economy, reducing carbon emissions, and preserving the environment, alongside promoting sustainable development, attracting investments, and creating new job opportunities.