Taipei, July 9 (CNA) The benefits of a trade pact signed in 2010 between Taiwan and China are gradually emerging, as foreign and domestic businesses have been increasing their investments in Taiwan, an official said over the weekend.
The Economic Cooperation Framework Agreement (ECFA) has produced incentives for foreign investors, which has led to pledged investments of NT$62 billion (US$2.07 billion) in total by 77 multinational companies, said Liu Te-shun, deputy minister of the Mainland Affairs Council (MAC), Sunday.
The multinationals have sign letters of intent with the Ministry of Economic Affairs to this effect, he said.
The ECFA has also induced Taiwanese businesses to return home, bringing with them NT$4.69 billion worth of new investment projects over the past year, Liu said in an address in his home town of Toufen, Miaoli, where he discussed China policy.
He said the tariff concessions under the ECFA's "early harvest" program resulted in a 127 percent year-on-year increase in the export value of 18 agricultural products to China in the first five months of the year. The value of the exports was US$125.64 million, he said.
The two sides of the Taiwan Strait have signed 16 other agreements, including one on protection of intellectual property rights that was used to help prevent counterfeit branding in China of Miaoli's famous Oriental Beauty Tea, according to Liu.
(By Charles Kang and Lilian Wu)