TAITRA Plans to
Organize a Construction Group to
Visit Oil-Rich Nations in Middle East in Oct.
Taipei, Aug. 31, 2006 (CENS)--Seeing
the potential construction markets in oil-rich countries in Middle
East, Taiwan External Trade Development Council (TAITRA), the
government-funded trade promoter, is planning to organize a
construction group to visit Dubai and Abu Dhabi, the two emirates of
the United Arab Emirates (UAE) in October of this year.
Besides, TAITRA is also
eyeing the construction market in Lebanon, which was recently
attacked by its neighboring rival--Israel. TAITRA believes in the
potential of the construction market in Lebanon in the wake of
wide-spread damage from Israeli bombing. TAITRA had intended to lead
a group to explore the construction market in Lebanon as soon as the
fighting with Israel ends.
TAITRA disclosed that
the Middle East-bound group would be composed of participants from
not only the construction industry, but also such industries as
financial services and building materials. Those in the construction
industry having decided to join the group include the Continental
Engineering Corp., CTIC Corp., RSEA Engineering Corp., and Kung Sing
Engineering Corp.; while the First Commercial Bank, Industrial Bank
of Taiwan and Land Bank have also applied to be in the group.
TAITRA emphasized that
Taiwan has to tap into any business opportunity in the global market
before it’s too late. In the past several decades, Taiwan has
cultivated a number of capabilities in the construction and public
engineering sectors, as well as having developed related machinery
and facilities, whereby such skills and facilities can be applied to
other markets, particularly in oil-rich countries in the Middle
In recent years,
Taiwan’s construction firms have been actively expanding their
overseas markets. In addition to having footholds in North America
and India, Continental Engineering has established an office in
Dubai in June of this year, hoping to win construction jobs there.
CTIC recently won a construction job from a Saudi Arabian firm,
while its construction contract value for this year is targeted at
NT$52 billion (US$1.58 billion at US$1 = NT$33).
Other than the Middle
East, TAITRA has also made India and Vietnam, two emerging economic
powers in Asia, targets for overseas market promotion this year and
has completed and future plans to take trade promotion groups to