President Han started by welcoming Chairman Izzo and members of the ECCT to the Legislative Yuan and pointing out that the EU was Taiwan’s fourth largest trading partner in 2023; as of the end of February 2024, the amount of cumulative investment from European countries in Taiwan has reached US$72.3 billion, which was close to one-third of the total foreign investment in Taiwan. President Han also shared that when he was little, people in Taiwan generally saw Europe as a remote place, and there was not much known to each other. However, bilateral exchanges have increased in recent years; through tourism endeavors, cultural exchanges, and economic and trade initiatives, Taiwan’s citizens have had a better understanding of European countries. These achievements not only bring the two places closer to each other in idea, but also make clear the importance of Europe.

President Han continued to state that after the elections of Taiwan’s 16th-term President and Vice president and the 11th Legislature, the new Legislature brought tremendous changes to the political environment where democracy looks very different than it was in the past. Among the 55 new legislators, female members account for 41%. Over the past eight years, the Democratic Progressive Party (DPP) had the majority of the seats, which was also over half, in the Parliament; therefore, it was easier to promote and pass the intended policies as long as the DPP agreed. In comparison, the new Legislature today comprises members from three parties, with none of which accounts for over half of the seats, so any bill will require unanimous consent from the three parties to be passed. On the other hand, the ECCT’s 2024 Position Papers point out issues and recommendations in three main areas: energy, talent, and internationalization, for Taiwan’s course for economic revival. President Han agreed with these recommendations and quoted The Analects of Confucius, which recommends friends that are upright, honest, and knowledgeable, to express that suggestions and advice from the ECCT are always welcome and will be taken into account with an open mind by legislators from all parties.

In his remarks, Chairman Izzo first congratulated President Han for taking the office at the Legislative Yuan and expressed his delight to see President Han and Vice President Chiang again. Chairman Izzo recalled having met with Han when he served as the mayor of Kaohsiung and Chiang when he was the Chairman of the Kuomintang (KMT). The ECCT comprises representatives of the European companies in Taiwan, with over 1,000 committee members; one of their goals is to ensure that the investment environment in Taiwan stays promising to European companies. At present, the amount of investment by European companies in Taiwan has exceeded the combined amount by the United States and Japan, which is a satisfactory result to the ECCT. Chairman Izzo stressed that regardless of Taiwan’s political environment, this island boasts not only a semiconductor industry that attracts foreign investors but also professional engineers; there is also an attractive investment climate for investors from European companies.

The ECCT has also noticed that Taiwan Semiconductor Manufacturing Company (TSMC), Taiwan’s leading manufacturer of semiconductor, has begun its investment in the factory in Europe. In early 2023, Taiwan’s direct investment in Europe amounted to approximately US$5.4 billion. By the end of the year, the cumulative investment amount over the years had reached US$18.7 billion. This shows that Taiwan’s investment in Europe has increased significantly, which is a positive trend that the ECCT supports and looks forward to. Chairman Izzo continued to point out that the ECCT makes nearly a hundred recommendations to the Taiwanese government every year, about 20% of which will have been adopted or fulfilled the first year they are raised; this administrative efficiency is quite amazing and widely praised by chambers of commerce of different nations, which all witness the great interaction between the Taiwan government and the ECCT. These foreign chambers of commerce believe that Taiwan should gradually adopt international standards to ready itself for full integration to the global market; on the other hand, they also realize that the people of Taiwan are making continuous progress, which is also encouraged by the ECCT.

Vice President Chiang agreed with the statements by Chairman Izzo and expressed that the ECCT has been quite influential to the policy making and implementation by the Taiwan government. Despite the lack of formal diplomatic ties between Taiwan and most nations around the world, Taiwanese companies still maintain close ties with foreign governments and businesses from the private sector, due to the universal values, such as the respect for freedom and democracy, shared by Taiwan and European countries. Vice President Chiang believes that there is still room for more investment and economic and trade exchanges between Taiwan and Europe. Although Taiwan has attracted international attention on security issues in recent years, he believes that as long as countries around the world continue to increase investment in Taiwan and to include Taiwan in the international market, it will not only guarantee regional stability but also safeguard the interests of all stakeholders.

During the exchange from both sides, the ECCT CEO Freddie Höglund specifically expressed hope that the Taiwan government will be able to propose a specific plan and details for policies regarding net-zero emissions by 2050. The reason that CEO Höglund brought this up was that the timeframe set by the EU is consistent with that by Taiwan, but the ECCT has not seen any specific policies formulated by our government so far. On another note, changes in Taiwan’s demographic structure, including those from brain drain, low fertility rates, and an aging population, will weaken Taiwan’s competitiveness on the world stage. Other attending members of the ECCT also shared views with President Han and Vice President Chiang on topics including electric vehicles, energy infrastructure, digital transformation, road safety, and the life of foreign spouses living in Taiwan. In response, President Han also talked about his views on increasing cultural and educational exchanges through prestigious universities in Europe; it is hoped that the ECCT could be the bridge to introduce world-renowned institutes from Europe to set up branch campuses in Taiwan, which could facilitate not only people-to-people interactions but also cultural and educational partnerships that benefit the both sides. The event concluded after 30 minutes in warmth and joy, with the exchange of tokens of appreciation and group photos taken.