The Export-Import Bank of China and UKEF signed an MOU to deepen Taiwan-UK economic and trade cooperation

In order to deepen Taiwan-UK economic and trade cooperation and expand overseas business, the Export-Import Bank of China and the UK's official export credit agency, UK Export Finance (UKEF), formally signed a memorandum of cooperation (MOU) after the "Taiwan-UK Economic and Trade Dialogue Meeting" held on October 2 to establish a cooperation framework. In the future, they will strengthen market information exchange, risk sharing, and jointly explore project cooperation opportunities in Taiwan and other regions.

The MOU was signed by Yao Jinxiang, Ambassador of the Taipei Representative Office in the United Kingdom, and Ruth Bradley-Jones, Representative of the British Office in Taiwan, on behalf of both parties, and will take effect from October 2.

The Export-Import Bank of China stated that UKEF is the official export credit agency of the United Kingdom. Since 2019, it has provided financing credit guarantees for seven offshore wind power projects in Taiwan, including Hailong, Miemiao, Greater Changhua Phase 2b and Phase 4, etc., which shows that the United Kingdom highly recognizes Taiwan’s industrial strength and market development potential.

The Export-Import Bank of China pointed out that UKEF has long maintained business relationships with the bank's "National Financing Guarantee Center" and the signing of the MOU this time will further institutionalize the existing cooperative relationship between the two parties. In the future, in addition to strengthening communication and market information sharing between the two parties, UKEF can also draw on the international insurance professional experience accumulated over the years to expand the Export-Import Bank’s underwriting capacity and help more Taiwanese companies expand their export markets.

The Export-Import Bank of China said it has signed cooperation agreements with official export credit institutions of 23 countries that are also members of the Berne Union. By establishing a cooperative network with export credit agencies of various countries, we can further deepen economic and trade exchanges between Taiwan and its major trading partners, and strengthen financial support for Taiwanese companies to enter overseas markets through information sharing and risk sharing.

The Export-Import Bank of China emphasized that it will continue to expand cooperation with international official export credit institutions in the future to help Taiwanese companies reduce overseas transaction and investment risks, seize business opportunities in emerging markets, and enhance the competitiveness of Taiwanese products and companies in the global market.