Taiwan, Austria hold economic talks to strengthen cooperation

Taipei, Dec. 5 (CNA) Taiwan and Austria have held an economic dialogue aimed at deepening their partnership in technology innovation, semiconductor development and similar fields, Taiwan's International Trade Administration (ITA) said Thursday.

The Taiwan-Austria Economic Dialogue, which took place via video conference on Wednesday, focused on enhancing collaboration in digital governance, life sciences, and research and development, the ITA said in a news release.

Cynthia Kiang (江文若), ITA head and co-host of the talks, noted that Austria's promotion of telemedicine aligns with Taiwan's leadership in semiconductor and information technology, which could offer valuable support.

Elisabeth Weissenboeck, head of Austria's Directorate of the Federal Ministry of Labour and Economy, emphasized that the partnership benefits both countries, as their economies are characterized by innovation and openness.

She also highlighted Austria's research and development expenditure, which accounts for 3.34 percent of GDP, the third highest in the European Union.

According to ITA data, Austria is Taiwan's 10th largest trade partner in the EU, with bilateral trade reaching US$1.52 billion in 2023.

The two countries currently cooperate in sectors such as semiconductors, machinery, bicycles, and information and communications technology, capitalizing on their complementary industrial strengths, the ITA said.