One of Taiwan’s largest steel producing companies will invest $100 million in a new steel factory in northwestern Turkey, the president of Taiwan’s foreign trade council said.

Walter Yeh, the president of Taiwan External Trade Development Council (TAITRA), said on Wednesday that the Taiwanese company that is among the top steel producers in the South Asian country is currently holding talks with Turkish partners to invest $100 million in a steel plant in Kocaeli province.

Yeh stated that the electronic, automotive and industrial sectors, in particular, offer important investment opportunities for both countries, adding that Taiwan aims to increase the trade volume with Turkey to $2 billion.

Taiwan’s business investments in Turkey has been rising in recent years. Last year, Taiwan Cement Corporation (TCC) has acquired 40 per cent of OYAK Cement, a concern of the Turkish Armed Forces Pension Fund, for $640 million. The deal was the largest foreign direct investment (FDI) project in Turkey in 2018.

Yeh added that Taiwan also offers diverse business opportunities for Turkish companies and mentioned possible cooperation in establishing halal food standards with Turkey as a first step to tap into Middle Eastern markets.

"We want Turkish businesses to come to Taiwan, introduce themselves to the market and consider businesses opportunities there."