UK Trade Minister Greg Hands is holding talks with Taiwanese officials to “future-proof” Britain’s economy in the coming decades, as Rishi Sunak’s administration looks to take a harder stance on China.
(Bloomberg) — UK Trade Minister Greg Hands is holding talks with Taiwanese officials to “future-proof” Britain’s economy in the coming decades, as Rishi Sunak’s administration looks to take a harder stance on China.
The in-person trip to Taipei, aimed at boosting economic ties between the countries, comes as the UK takes an increasingly protectionist approach to Chinese investment. Prime Minister Sunak has described China as “biggest long-term threat to Britain,” and during his summer leadership race against Liz Truss said China is “attempting to bully their neighbors, including Taiwan.”
The talks will focus on industries like financial technology, renewable energy and pharmaceuticals, according to a statement Monday. The UK noted that Taiwan is a leading manufacturer of semiconductors — a key component in electric devices — and crucial because Britain is close to making a decision on a probe into a Chinese-led takeover of Newport Wafer Fab, which owns the country’s largest semiconductor plant.
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“Boosting trade with this vital partner is part of the UK’s post-Brexit tilt towards the Indo-Pacific and closer collaboration will help us future-proof our economy in the decades to come,” Hands said in the statement.
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