The Council for Economic Planning and Development (CEPD) said yesterday it expected more companies in San Francisco to invest in Taiwan after the government signed a memorandum of understanding with Orbcomm Inc, a leading provider of global satellite and cellular data communications solutions, in New York on Tuesday.
Council for Economic Planning and Development Minister Christina Liu (劉憶如) led a 100--member strong delegation to the US on Saturday for a seven-day “Invest in Taiwan” roadshow, hoping to attract US investment.
The council said the trade delegation made progress in the first stop, New York, by signing a memorandum of understanding with Orbcomm, a New Jersey-based company that planned to set up a joint venture with Taiwanese shipping firms to enter the Chinese and Southeast Asian markets.
Yang Ming Marine Transport Corp (陽明海運), the nation’s -second-biggest container shipping line, which has sent executives as part of the trade delegation, has expressed interest in Orbcomm’s satellite monitoring and temperature control solutions, the council said.
The US roadshow also has targeted potential investments in the biotechnology and international medical industries, as well as the culture and creative sectors, with digital content including MTV Networks Inc, the council told reporters, citing Liu’s media briefing in New York.
The council said the trade delegation had arrived in San Francisco, the second stop, later on Tuesday and was to give a presentation there to address Taiwan’s investment climate, regulations, incentives, and trade and investment opportunities. The delegation will then travel to Los Angeles today before returning to Taipei, it said.
The council said it expected that the delegation would attract investments via the San Francisco and Los Angeles presentations and more enterprise visits, adding that a number of US firms have expressed interest in investing in Taiwan, especially in view of the advantages of the cross-strait Economic Cooperation Framework Agreement and a reduction in corporate taxes.
One of the members of Liu’s delegation, Citibank Taiwan Ltd (台灣花旗) chairman Victor Kuan (管國霖), said in New York that his bank has successfully used its commercial banking platforms in major US cities, such as New York, San Francisco and Los Angeles, to help 88 US companies invest in Taiwan in recent years.
Given Asia’s rapid development and the sustained economic growth in Taiwan and China, many US enterprises have set their sights on Asia and are interested in gaining footholds in Taiwan or the Chinese market, Kuan said.
“But they are not familiar with Taiwan’s investment regulations and opportunities,” he said, adding that Citibank has therefore decided to set up Taiwan investment platforms to help them launch ventures in Taiwan.