Taiwan to organize summit with allies in Taipei next week

A business summit aimed at enhancing economic ties between Taiwan and its allies in Central America and the Caribbean will be held in Taipei on Monday, officials said yesterday.

Some 50 business leaders, economic officials and reporters from Panama, Nicaragua, Guatemala, El Salvador, Honduras, Belize, Haiti and the Dominican Republic will sit down with 150 local businesses leaders to discuss cooperative projects, Minister of Economic Affairs Steve Chen (陳瑞隆) said.

"Because of the deteriorating investment environment in China, many businesspeople there have considered relocating their operations. In addition to Taiwan, we suggested the Central America and the Caribbean as possible markets," he said.

Chen said business leaders from Central American and Caribbean countries were eager to strengthen economic relations with Taiwan. He said these countries' exports to Taiwan had recorded triple-digit growth as a result of free-trade agreements Taipei had signed with Panama, El Salvador, Guatemala, Nicaragua and Honduras.

The summit would also serve to consolidate Taiwan's diplomatic relationships with its allies in Central America and the Caribbean, Minister of Foreign Affairs James Huang (黃志芳) said. Huang said many businesspeople were tempted by the opportunities in China's vast market.

"If more businesses in Central America and the Caribbean invest in China, products made in China will inundate the region. This situation would negatively influence our diplomatic relationships with our allies," Huang said.