Tue, Mar 01, 2005 - Page 10 News List

Minister to promote state-owned firms

By Joyce Huang  /  STAFF REPORTER

Minister of Finance Lin Chuan (林全) will begin an overseas trip to New York and London on Thursday to promote foreign investment in state-run enterprises.

Lin will head a delegation of officials from seven state-run banks as well as the Financial Supervisory Commission. The group is scheduled to depart today and will return on March 14.

In addition to hosting several investors' conferences in New York and London, Lin will also hold one-on-one meetings with potential investors or financial consultants.

The purpose of the trip is to show the government's determination to follow through with the nation's financial reforms. Over the past few years, Taiwan's banking sector has made notable progress in addressing high levels of non-performing loans, strengthening its low loan loss provision coverage and improving its credit risk controls.

The roadshow also aims to attract potential foreign investors to take part in the government's plans to privatize state-run banks and enterprises, the ministry said.

In accordance with the government's privatization plans, shares of state-owned banks and enterprises will be released to the market or designated buyers so as to lower the government's stake to below 50 percent.

The trip is widely seen as part of the government's efforts to consolidate the banking sector and fulfill the president's goals for the finance sector.

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