Taipei, May 3 (CNA) Ting Hsin International Group and National Chengchi University College of Commerce signed an agreement Thursday in which the food conglomerate will provide sponsorship of NT$40 million (US$1.37 million) to train 52 students as international CEOs in a five-year program.
The group hopes the cooperation agreement will help prepare future management personnel to cope with the challenges in the China and Southeast Asia markets, said Wei Ying-chung, who attended the ceremony on behalf of Ting Hsin.
Wei is chairman of Wei Chuan Foods Corp., part of the food giant, which is operated by the Wei family. Ting Hsin also owns Master Kong, one of the largest instant noodle manufacturing brands in China.
Speaking at the signing ceremony, Wei noted that a recent business trip to Malaysia and Thailand showed him that the countries in the Association of Southeast Asian Nations have the most potential for growth.
Meanwhile, he went on, the sluggish global economy will cause China's economic growth to slow down as it loosens its monetary policies to control inflation and domestic production of goods.
Turning to other challenges facing the group, Wei said that President Ma Ying-jeou's decision earlier in the week to raise electricity prices in stages rather than all at once is the better option, as people will have time to adapt to the higher rates.
Although the hikes will increase Wei Chuan Foods Corp. costs by an estimated NT$153 million per year, the company has no plans to raise its product prices at present and will cover the additional costs by increasing sales, adopting better financial practices and saving energy, he said.
In addition, the group will raise employee salaries by between 3 percent and 5 percent over the next two or three years to offset their rising living expenses resulting from the increased fuel and electricity prices, Wei added.
(By Chao Hsiao-hui and C.J. Lin)