JOINT MEDIA RELEASE ON HYDROGEN TRADE AND INVESTMENT BY THE AUSTRALIAN OFFICE, TAIPEI AND THE MINISTRY OF ECONOMIC AFFAIRS
The Australian Office hosted, in partnership with the Ministry of Economic Affairs, the Australia-Taiwan Hydrogen Trade and Investment Dialogue on 29 July 2021 to discuss opportunities for Australia and Taiwan in priority low emissions technologies such as hydrogen.
Australia and Taiwan share a long and mutually beneficial trade and investment relationship. Australia's prominence in the supply of energy, minerals and agricultural products to Taiwan, and the significance of Taiwan's high-technology exports to Australia, underpin the complementary nature of our relationship. Over the last five years, our two-way trade has grown at an average rate of 10 per cent, and two-way investment has grown at an average rate of 13 per cent. Growth has continued through the COVID-19 pandemic.
We have a particularly strong bond in respect of energy and resources. Australia is Taiwan’s number one supplier of energy and Taiwan is Australia’s fourth largest energy and resources export market. The development and deployment of low emissions technologies will be critical to reducing emissions and creating new economic opportunities. They will also provide enormous opportunities for Australia and Taiwan to deepen our trade and investment cooperation, including in wind and solar, and in emerging low emissions technologies such as hydrogen.
The Dialogue opened with remarks from Australia’s Minister for Trade, Tourism and Investment, the Hon Dan Tehan MP, and Taiwan’s Minister of Economic Affairs, Ms Wang Mei-hua.
The Australian Government’s Special Adviser on Low Emissions Technology, Dr Alan Finkel, was the keynote speaker.
During the event, we explored closer business to business engagement supporting greater investment in low emissions technologies, including hydrogen development, and also exchanged views on our renewables and energy strategies.
The Dialogue aligns with the goals of the Joint Energy and Minerals, Trade and Investment Cooperation (JEMTIC) consultations to explore new opportunities for energy cooperation and investment between Australia and Taiwan. JEMTIC is a vital vehicle supporting the multi-layered resources and energy relationship between Australia and Taiwan and bolsters economic recovery efforts amidst the COVID-19 pandemic.
Australia and Taiwan are natural energy partners and are in a strong position to maximise these opportunities as the world moves towards a net zero emissions future, based on our long history of successful energy and resources trade and investment cooperation.
We will continue to work together to promote trade and investment opportunities in low emissions technologies such as hydrogen and across the breadth of our economic relationship.