The Formosa Plastics Group (
The editorial in the Nov. 24 edition of the Liberty Times roundly lambasted Wang for pressuring the government to ease restrictions on direct investment in China, saying the curbs exist to guarantee national security and industrial competitiveness.
"Only the scope of investment is restricted," the editorial said. "Most Taiwanese companies can freely invest in China ... just as Mr Wang has done over the years, pouring in huge amounts of capital," it said.
"Will you only be satisfied when all of Taiwan's industries follow you and relocate to China?" it asked the magnate in one of eight hotly worded questions.
Formosa came to its own defense yesterday, placing half-page ads in several Chinese-language dailies calling the statements "very emotional" and "far from the facts," adding that the company continues to invest in Taiwan and maintains its roots here despite the worsening economic climate.
"The Formosa Group's three main business groups -- Nanya Plastics, Formosa Chemical and Fiber and Formosa Plastics -- have invested a total of NT$191 billion in Taiwan over the last three years compared to NT$4.2 billion in China," the statement said.
"Our China investment figure is less than 2 percent of the Taiwan total; a trivial amount," it said. Allegations to the contrary in the Liberty Times editorial were the products of the author's imagination, the ad said.
In addition, Formosa has attempted to revitalize the petrochemical industry by injecting billions into the Mailiao naphtha cracker project, demonstrating the group's "unquestioned commitment to leaving our roots in Taiwan," the ad said.
The editorial was directed largely at remarks made by Wang last week when he urged the government to ease the ban on direct links and investment in China and allow Taiwanese businesses to fully exploit opportunities there. The remarks stirred the government to the highest level, prompting meetings with Premier Chang Chun-hsiung (
The Liberty Times editorial also took Wang to task for what it hinted was his audacity in making suggestions to the government simply in the interest of developing his own business.
In formulating policy on investment in China, "The government takes into account the long-term national interest ... it cannot solely seek profit for a minority of businesspeople and certainly not for one person," the editorial said.
But Formosa responded in its ad by saying that the "company bases any criticism of or suggestions to the government on the premise of industrial development and economic growth ... not just for the good of the company."
The Liberty Times is a sister publication to the Taipei Times.
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