The KMT's Investment and Business Management Committee (投管會) is planning to stop injecting capital into US-based Alaska Seafood International due to the Anchorage-based company's poor performance, local media reported yesterday.
Chang Chang-pang (
"This is simply an investment case and has nothing to do with so-called `party diplomacy' ... Investments should be assessed on their possible business returns," reports said, quoting Chang.
Before the DPP came to power, the KMT had used its party-run businesses to invest in other countries and strengthen its political and economic resources -- including buying properties in Hong Kong and Japan as well as investing in Palau's hospitality industry.
In order to further promote relations between Taiwan and the US state of Alaska, the KMT's Central Investment Holding Co Ltd (
However, due to the seafood company's poor performance, the KMT has gradually reduced its stake to 37 percent, reports said.
Reports said both political and business circles in Alaska are unhappy with the KMT's decision to stop injecting cash into the firm. But Chang reiterated yesterday that the KMT was not scaling back its overseas investments just because it is no longer the ruling party.
Many lawmakers welcomed the KMT's decision yesterday, saying that the KMT's strategy of "buying" diplomatic relations should be banned.
"It is necessary to build healthy diplomatic relations with our foreign friends," DPP Legislator Yen Ching-fu (顏錦福) said.
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