XIAMEN - The current global economic downturn has offered both challenges and fresh opportunities for business cooperation between the Chinese mainland and Taiwan, officials and experts have said.

"Against the background of peaceful cross-strait relations and global economic headwinds, the two sides should further join hands for common development," said Jiang Yaoping, vice minister of commerce, said at the ongoing 16th International Fair for Investment and Trade, which is being held in southeast China's city of Xiamen.

Statistics from the Ministry of Commerce showed that by the end of June, the Chinese mainland had approved more than 87,000 Taiwan-invested projects, with total investment amounting to $55.81 billion.

Bilateral investment growth received a boost after the signing of the Economic Cooperation Framework Agreement in 2010 and Investment Protection Agreement this year.

Zeng Qinzhao, deputy director of the Association of Taiwan Investment Enterprises on the Mainland, said the business opportunities on Chinese mainland had helped many small and medium-sized Taiwan enterprises grow larger.

According to Zeng, the number of enterprises from Taiwan?operating on the mainland has surpassed 80,000 and a majority of them are engaged in the secondary sector of the economy.

With exports taking a hit from the European debt crisis, Taiwan's businesses have faced a bottleneck in upgrading and transforming their growth model.

In July, Taiwan's exports dropped for the fifth consecutive month, down 11.6 percent year-on-year.

Chen Wuxiong, honorary chairman of Taiwan's Federation of Industries, said the unstable international economic landscape has posed great challenges for Taiwan, as a majority of their products are exported.

With both sides facing an urgent need to restructure their economies, Xu Mang, director of the economics bureau of the Taiwan Affairs Office of the State Council, called for more cooperation between the two sides to jointly increase their competitiveness.

While the mainland has the vast market that Taiwan enterprises need, companies from Taiwan can share their experience in moving up the value chain with mainland companies, experts said.

Jiang said mainland enterprises should study manufacturing and industrial restructuring as practiced by companies from Taiwan.

"Amid downturn risks, both sides can create innovative cooperation models to jointly develop technology, set up common standards and foster self-made brands," he said, adding that more efforts are needed to deepen cooperation in emerging industries.

Jiang said the Ministry of Commerce will help companies from Taiwan explore the market, as well as improve the investment climate for them.

He also called for a more receptive environment for mainland investment in Taiwan.