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Taiwan to ease investment rules

Premier Yu Shyi-kun said yesterday that the government will continue to ease investment-related regulations with a view to reaching the strategic goal it has termed "invest in Taiwan, access the world."

As part of its efforts to further attract more overseas Chinese businesspeople to invest in Taiwan, the government has submitted revisions to relevant regulations to the Legislative Yuan for approval, Yu said in an exclusive interview.

Under the revisions, Yu pointed out, applications by overseas Chinese businesspeople to make investments of less than NT$1 million (US$29,585) in local companies will not be subject to prior screening by relevant government agencies so long as the investment amount does not account for 10 percent or more of the total capital value of the business to be invested in.

Yu said that the Executive Yuan will also improve its services to all overseas Chinese to encourage them to channel capital into Taiwan.

The Cabinet will then help domestic manufacturers to establish communication channels with overseas Chinese businesspeople in order to expand the nation's economic and trade relations.

During the interview, the premier quoted survey reports issued by several internationally-renowned market research firms and institutions to confirm the country's overall economic achievements in recent years.

Taiwan ranked first globally in last year's e-government evaluation report issued by Brown University in the US, Yu said.

The premier noted that the nation's competitiveness ranks sixth in the world and second in Asia according to this year's global competitiveness report released by the Lausanne Institute in Switzerland.

According to the Switzerland-based World Economic Forum's evaluation report, Taiwan ranks 16th in the world in terms of global microeconomic competitiveness and ranks fourth globally and second in Asia in terms of growth competitiveness, Yu added.

To further upgrade the nation's international competitiveness and to attract more foreign investment, Yu continued, relevant government agencies are organizing the 2003 Taiwan Business Alliance Conference set for next month.

The investment-soliciting conference will officially begin Oct. 20 with a formal inaugural ceremony to be presided over by President Chen Shui-bian (陳水扁).

Two summit forums will be held Oct. 20 and 21, with Hajime Sasaki, chairman of the NEC Corp, and Morris Chang (張忠謀), chairman of Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), invited to exchange views on issues relating to globalization and localization.

Also on those days, 12 work-shops on semiconductors and microelectronics, displays and optoelectronics, precision machinery, materials and fine chemicals, technical and engineering services, headquarters and business services, biomedical and health care, communications, trade, commerce and logistics, transportation and public construction, tourism, entertainment and finance will be held.

During the conference, government agencies and business and industrial organizations will also set up 183 stands to display various investment-related information.

The Ministry of Economic Affairs, the Ministry of the Interior and the Ministry of Foreign Affairs will also jointly set up a one-stop service center at the meeting site to offer immediate services to foreign investors.
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