The government has decided to move up the privatization of several state-owned enterprises, according to an Executive Yuan committee held Tuesday.
Privatization of money-making companies such as Taiwan Power Co (Taipower,
But debt-ridden companies such as China Shipbuilding Corp (
Vice Premier Lin Hsin-yi (
"Labor costs of state-owned enterprises are about NT$1.5 million for each employee per year -- double that of the private sector," Lin said. "The longer the privatization process takes, the higher costs will be."
Through the privatization process, the government hopes to collect NT$617.2 billion over the next five years, according to a preliminary study by the Council for Economic Planning and Development.
Lin also stressed that privatization is not just to reduce the government's stake in state-run companies to under 49 percent. Instead, it is aimed at upgrading the competitiveness of these enterprises.
Under a new timetable, Chinese Petroleum will move forward its privatization one year earlier to late 2003, followed by Taipower in late 2005.
The privatization of Taiwan Tobacco will be rescheduled one year earlier to July 2004, while Chunghwa Telecom will complete its privatization by the end of 2003 as originally planned.
The committee said it also wants to privatize Taiwan Sugar Corp (
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