Minister of Finance Lin Chuan (林全) yesterday expressed satisfaction with his seven-day roadshow in the US last week, vowing to continue deregulation to facilitate a more open and liberalized investment environment.
Lin led a 46-member delegation of financial officials and entrepreneurs to the US East Coast to promote investment in Taiwan between Aug. 22 and Aug. 28.
"Foreign investors expressed concern about the local market's liberalization and [regulatory] transparency, therefore the ministry will accelerate reform of the market," Lin said at a press conference.
Lin said the government would make an effort to open up the market, so businesses can cut down on unnecessary operating costs and risks, while gradually lifting restrictions on capital inflows and outflows.
"We have succeeded in ensuring foreign investors that the local investment environment is improving and Taiwan is an investment destination full of business and profit-making opportunities," Lin said.
During his first overseas trip, more than 400 participants showed up at the events in New York and Boston last week. Lin said NT$6 billion worth of investments are planned in the wake of his trip, while an additional NT$230 billion in investment could be expected to arrive in the near future.
Citigroup Inc plans to recapitalize its local brokerage -- Citigroup Securities Investment Consulting Inc -- with an investment of NT$2 billion while Metropolitan Insurance & Annuity Company and United Guaranty Corp plan to invest respectively NT$500 million and NT$50 million in Taiwan.
Moreover, foreign rating agencies and securities houses are expected to invest NT$100 million and NT$3 billion in Taiwan, while the TAIEX will likely receive US$4 billion in input from foreign investors over the next four months, Lin said.
According the finance ministry, foreign investors have injected US$54 billion into the TAIEX as of August 22, up from last year's US$43 billion.
Lin yesterday vowed to keep dialogue with American entrepreneurs open, although his trip to the US was over.
The minister said that the government may not fully act upon every suggestion made by foreign investors for improving the nation's investment environment, but he said he will adopt an aggressive approach within his scope of responsibility to ensure a business-friendly environment.
Lin, in addition, said that the government is taking into account the proposal of allowing China-based Taiwanese companies to go on trading on the TAIEX with "certain preconditions."
But he refused to elaborate on what the preconditions will be, saying that they are still being examined. Lin added that "a breakthrough could be possibile."
Meanwhile, Lin is scheduled to leave Taiwan tomorrow for Thailand to attend the APEC forum later this week. The 10th APEC ministerial meeting is slated for Sept. 4 and Sept. 5 on the island of Phuket, Thailand.
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