President urges investment in Taiwan

10/06/2017 03:52 PM
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President Tsai Ing-wen
President Tsai Ing-wen

Taipei, Oct. 6 (CNA) President Tsai Ing-wen (蔡英文) urged foreign investors Friday to inject funds into Taiwan by taking advantage of the country's sound fundamentals, saying that now is a good time to invest.

Speaking at the 2017 Taiwan Business Alliance Conference in Taipei, Tsai said that Taiwan has solid economic data, an economic recovery, and that she has faith that investors can benefit from good business opportunities in the country.

In August, Taiwan's exports grew 12.7 percent from a year earlier, marking the 11th consecutive month in which outbound sales grew amid solid global demand.

Due to the strong export performance, the Directorate General of Budget, Accounting and Statistics (DGBAS) has raised its forecast for Taiwan's 2017 gross domestic product growth to 2.11 percent from 2.05 percent. The DGBAS also expects that growth for 2018 will hit 2.27 percent.

Tsai said a plan by the world's largest contract chip maker -- Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) -- to build a NT$500 billion (US$16.39 billion) 3 nanometer fab in Tainan and another one by memory chip maker Winbond Electronics Inc. (華邦) to invest NT$330 billion in Kaohsiung endorse Taiwan as a good investment destination.

It is the 14th year in which the Ministry of Economic Affairs (MOEA) has held the Taiwan Business Alliance Conference to solicit investment.

The MOEA invited 22 potential buyers from overseas, including Europe, the United States and Japan to attend the conference. According to the MOEA, the 22 firms are expected to invest about NT$106.3 billion in Taiwan over the next three years.

Tsai said the government will try to improve the local investment environment.

As for industrial reform, Tsai said the government has launched a "5 plus 2" innovation development program integrating the existing industrial strengths with new industries in a bid to make Taiwan more competitive in the global market.

The "5" industries prioritized under the program are the Internet of Things, smart machinery, biotechnology, green energy and national defense, while the "2" other areas are the circular economy and new agriculture.

Tsai said the Cabinet has set up a national investment company -- Taiwania Capital Management Corp. (台杉投資管理股份有限公司) -- to speed up the pace of local investment in areas such as railway construction, renewable energy, water resources development and digital technology.

The president said that foreign investors can use Taiwan as a springboard into the Asia-Pacific market, including the Association of Southeast Asian Nations, at a time when Taiwan is pushing its "new southbound policy."

The policy is aimed at enhancing Taiwan's relations with countries in Southeast Asia, South Asia, Australia and New Zealand.

(By Liao Yu-yang and Frances Huang)

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