UK an ideal place for investment, trade official says

Britain, which has strong research and development (R&D) capabilities and competitive tax rates, is an ideal destination worth investment by Taiwanese information and communication technology (ICT) companies that are seeking to tap into the European market, a British trade official said at a seminar yesterday.

Taiwan could develop closer business ties with the UK, whose ICT market growth are currently out-performing other major European countries. Its universities and companies have also generated many new technologies, said Paul Grey, Asia Pacific regional director of the UK Trade and Investment Co.

Addressing at the seminar entitled "Invest in the UK -- Explore the Opportunities," Grey said that Taiwanese companies could take advantage of the UK as a portal to the European market which has over 500 million consumers whose buying power is formidable, Grey said.

Europe is estimated to make up 32.1 percent of the global ICT market and the market size is expected to grow by 4.1 percent this year, according to figures provided by the British investment agency.

Grey touted the UK as an ideal investment destination, as the country enjoys one of the lowest overall corporate tax rates and one of the most deregulated utilities market in Europe.

There are over 160 Taiwanese companies, including Acer Inc, BenQ Corp (明基電通), Evergreen Group (長榮集團), Tatung Co (大同) and Teco Electric & Machinery Co (東元電機), investing in the UK, which represent 70 percent of Taiwanese investment in the region.