Canada's CAD5.27B in bilateral trade with Taiwan for 2010 makes it our 4th largest trading partner in Asia and 12th largest worldwide. Of this trade Canada's merchandise exports to Taiwan account for CAD1.288B. Canada's export mix to Taiwan is broad, including commodity goods and raw materials (nickel, woodpulp, ores), semi-processed materials (meat, hides, paper and paperboard, wood), and manufacturing inputs and high-value technology products (pharmaceuticals, plastics, electrical machinery). Canadian trade in services with Taiwan has also thrived in recent years. This success in service exports is largely attributable to Canada's relatively high profile in Taiwan as a location for both travel and study, with Taiwan ranking as Canada's 10th largest source of foreign students in 2009. Canada's priority sectors in Taiwan are information and communications technology, agriculture and agri-food, life sciences, building and construction, and transportation. We also promote investment and innovation partnerships.
The stock of foreign direct investment in Canada from Taiwan rose to $94 million in 2009, while the stock of Canadian direct investment in Taiwan stood at $531 million in 2008 (latest year for which data is available). As Taiwan's economy is dominated by SMEs, the majority of Taiwanese investment in Canada has been pursued by smaller companies, with a sectoral range including chemical manufacturing, pharmaceuticals, retail and ICT. Areas of potential include renewable energy, biotechnology, wireless, and oil sands.
Canada's S&T and research linkages with Taiwan are among our strongest and most active in the world. Partnerships between Canada's National Research Council (NRC) and Taiwan's National Science Council and Industrial Technology Research Institute make Taiwan one of the NRC's largest international S&T collaboration partners outside North America. Industry Canada's Communications Research Center is collaborating on innovative, results-oriented projects with Taiwanese universities, while Agriculture and Agri-Food Canada signed an MOU with Taiwan's Ministry of Agriculture that promotes collaboration in agri-sciences. Several Canadian universities maintain successful collaborative research and exchange programs with Taiwanese universities. As a result of these and other engagements, there is positive recognition in Taiwan of Canada's strength in research-intensive innovation and early-stage S&T development, particularly in ICT (Cloud computing, WiMAX), micro-electronics (system-on-chip), alternative energies (fuel-cell technology), and biotech/life sciences.
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