Taiwan and Mongolia signed a memorandum of understanding Monday to establish institutionalised cooperation in renewable energy generation and energy efficiency management.
The document was signed in Taipei by officials representing the Ministry of Economic Affairs (MOEA) and Mongolia’s Ministry of Energy.
Both Taiwan and Mongolia have excellent potential for developing renewable energy such as solar and wind power, said Deputy Minister of Economic Affairs Duh Tyzz-jiun.
In addition to cooperating on the development and management of renewable energy, MOEA Bureau of Energy (BOE) Director-General Wang Yunn-ming said Taiwan is ready to share its experience in replacing aging coal-fired electricity generators with Mongolia, which relies on coal for 48 per cent of its overall power generation.
Taiwan has made great strides in the development of solar and wind power, but companies in the sector are restricted in their ability to enter overseas markets by a lack of internationally recognised success, the BOE said.
The memorandum is expected to help Taiwanese companies establish a record of success with which they will be able to expand their business opportunities, according to the BOE.