Thu, Jan 27, 2005 - Page 11 News List

Overseas citizens given incentive to set up businesses

CONNECTING In an effort to create jobs, the government is launching an initiative aimed at getting Taiwanese living overseas to invest here

CNA , Taipei

A government plan aimed at inspiring overseas Taiwanese to start their own businesses in Taiwan to help create more jobs will be launched prior to the Lunar New Year holiday, an official of the Council for Economic Planning and Development (CEPD) said yesterday.

In order to encourage overseas Taiwanese to set up businesses in Taiwan, the Overseas Chinese Affairs Commission (OCAC) will join in a partnership with the CEPD in launching a NT$200 million (US$6.25 million) business creation project, the official said.

The Executive Yuan's Sino-American Fund for Economic and Social Development will contribute NT$100 million to finance the project, while the remaining NT$100 million will be provided by Bank of Overseas Chinese (華僑銀行), Bank of Taiwan (台灣銀行) and Cathay United Bank (國泰世華銀行), the official said.

Those who possess overseas Taiwanese identification cards issued by the OCAC will be entitled to apply for loans under the plan, the official said, adding that the plan is expected to offer funds to 50 applicants and create around 200 jobs.

According to the official, annual turnover from the newly created businesses under the plan is forecasted to reach NT$1 billion.

OCAC and CEPD officials are scheduled to explain the details of the project at a press conference today.

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