Why is Britain heading to Taiwan to protect ‘the future’ of the economy?

Why is Britain heading to Taiwan to protect ‘the future’ of the economy?
Why is Britain heading to Taiwan to protect ‘the future’ of the economy?

Why is Britain heading to Taiwan to protect ‘the future’ of the economy?

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UK Trade Secretary Greg Hands is in talks with Taiwanese officials to “protect the future” of Britain’s economy in the coming decades as Rishi Sunak’s government wants to take a tougher stance on China.

And the Bloomberg news agency reported Monday that Hands’ visit to Taipei itself, aimed at strengthening economic ties between the countries, comes at a time when Britain is adopting an increasingly protectionist stance towards Chinese investment.

British Prime Minister Sunak described China as “Britain’s biggest long-term threat”. During the summer prime ministerial race against former Prime Minister Liz Terrace, he said China was “trying to bully its neighbors, including Taiwan.”

A statement today said the talks will focus on sectors such as fintech, renewable energy and pharmaceuticals.

The UK has signaled that Taiwan is a leader in manufacturing semiconductors, a key component of electronic equipment, which is important because the UK is on the verge of making a decision on a Chinese-led takeover of Newport Wafer Fab, the country’s largest semiconductor plant heard.

“Boosting trade with this key partner is part of Britain’s post-Brexit trend towards the Indo-Pacific, and working closely together will help us protect the future of our economy for decades to come,” Hands said in the statement.

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