President Chen pledges to better Taiwan's investment environment

Taipei, Oct. 21, 2003 (CENS)--At yesterday's opening ceremony for 2003 Taiwan Business Alliance Conference, President Chen Shui-bian vowed to further improve Taiwan's investment climate and stressed that Taiwan is now ready to welcome any investments from the world.

The three-day conference, attracting some 1,900 participants from 35 countries, is the first of its kind and also a significant event for the island during the year. The government will release around NT$400 billion (US$11.6 billion at US$1 = NT$34.5) worth of investment opportunities to participants, hoping it can stimulate the island's lingering depressed economy. Besides, both domestic and foreign investors are expected to pump in huge capital here to boost the economy.

Vice Finance Minister S. L. Chang indicated that some 15 foreign financial institutions have promised to invest in Taiwan and their investment amount is estimated to be around NT$10.32 billion (US$299 million).

Chang disclosed that of the foreign investment capital to be pumped into the financial sector as of the end of September, the securities industry accounted for NT$18.12 billion (US$525 million), and the insurance industry NT$11.37 billion (US$329.6 million). Renowned foreign financial institutions joining the conference include Lehmen Brothers, Fidelity Investment, Citicorp, Fitsch, Moody's Rating, United Guaranty, G.E. Consumer Finance Insurance Brokerage, and GMAC Commercial Mortgage Japan.

Some distinguished guests attending the conference suggested the government here further open the island's market and speed up building three direct links with mainland China, improving social order and moving unfair trade barriers.

N. Roberts, executive director of Chubb Taiwan, expressed that Taiwan should further liberalize and improve its investment environment here and allow direct transportation of goods across the Taiwan Strait. Roberts disclosed, Chubb, a consulting firm for security management and the company, would not rule out expanding its operations here if the investment environment on the island becomes better.

G. Spencer, a ranking official at Siemens, complained that underground power interfering public bid for public constructions used to be a headache problem for foreign bidders. So, he suggested the government should completely crack down on such illegal groups and set up clean and fair rules for bidding games.

And Richard Lea of Smartscan, a United Kingdom-based maker of security system for machinery, noted that the company intends to find partners here to jointly tap the huge market in mainland. It also urged the government to accelerate its pace of making Taiwan a regional operational center in the Asia-Pacific area.