LCCI calls for new business partnerships to expand Taiwan-Africa bilateral trade
President of Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa has called for improved Taiwan–Africa, Taiwan–Africa business collaborations between Taiwan and Africa as it would foster deeper connections and expand bilateral trade.
Speaking at the 2024 Taiwan-Africa Business Forum which held in Taiwan, Idahosa who was represented by the Chairperson, Creative and Entertainment Group of Lagos Chamber of Commerce and Industry, Ngozi Omambala affirmed that such collaborations can build a future where Taiwan and Africa thrive and lead in innovation, sustainability, and prosperity.
According to him, the two regions have witnessed impressive growth in trade in the past few years.
Explaining further he said, “Trade volumes soared from $4.65 billion in 2018 to $7.81 billion in recent years, which is an astounding growth of nearly 70 percent. These numbers are indicative of the tremendous opportunities that lie ahead.
“Taiwan’s commitment to Africa has been evident, with partnerships spanning sectors like healthcare, agriculture, technology, and manufacturing.
“Key African countries, such as Nigeria, Eswatini, South Africa, and Ghana, have been vital in these exchanges.”
Labelling Nigeria as Taiwan’s second-largest trading partner in sub-Saharan Africa, the LCCI boss said that Taiwan’s presence in Nigeria was solidified by the successful Taiwan trade business forum in Lagos in May 2024.
The forum, he said, highlighted Taiwan’s expertise in sectors like electronics, machinery, and clean energy, with nine leading Taiwanese companies showcasing their products to Nigerian businesses.
In his words: “The partnership between Nigeria and Taiwan is one of mutual benefits, as both economies complement each other in key sectors. With its vast natural resources, Nigeria offers Taiwan opportunities to access raw materials for industrial production.
“Earlier this year, during the Taiwan Trade Business Forum in Lagos, discussions focused on expanding trade in energy, telecommunications, and automotive sectors.
“Leading Taiwanese companies like Well Electronics Co., Mobiletron Electronics Co. and Voltronic Power Technology Corp demonstrated their capacity to offer competitive, high-quality products that Nigerian consumers and industries can leverage.”
Beyond the success stories of Nigeria, Idahosa said there are many untapped opportunities across the African continent.
He observed that countries like Ghana, Kenya, and South Africa are already growing interested in Taiwanese technology and products.
To him, Taiwan’s status as the world’s 17th largest merchandise exporter, ICT, and high-end manufacturing expertise makes it an ideal partner for these rapidly developing African economies.
However, he stressed the need for Taiwanese businesses to exploit Africa’s young and skilled labour force, particularly in the manufacturing, fintech, and logistics industries.
In his words: “By establishing more joint ventures and manufacturing hubs in Africa, Taiwanese companies can help bolster local industries while also benefiting from Africa’s expanding markets.
“Setting up the Taiwan-Africa Economic Forum and initiatives like the African Cultural Festival, hosted by institutions like Taiwan Medical University, have also laid the groundwork for future cultural exchanges.
“These events provide a platform for mutual understanding and trust, which are critical to sustainable economic partnerships’’.
However, he commended Taiwan’s efforts to train 5,000 African women in business and financial management, adding that such endeavour would strengthen economic ties and foster long-term development on the continent.
On his part, Executive Director, Africa Taiwan Economic Forum, Richard Lin said that the four–day forum which was hosted by the Africa Taiwan Economic Forum (ATEF) and the Taiwan External Trade Development Council (TAITRA) aimed at promoting exchange of trade and investment between Taiwan and the African continent.
