Wei Chuan Foods Corp’s (味全) plans to expand in China will not be deterred by global economic uncertainty, Wei Chuan chairman Wei Yin-chun (魏應充) said on Sunday.
Wei said at the company’s Lunar New Year dinner party that the firm would position itself during the down cycle to ensure it is well-prepared to grow when the market rebounds.
Wei said milk production at its Taiwan production base is expected to grow 8 percent this year from a year earlier, while a -Japanese-style salad dressing plant and a beverage factory in China are scheduled to start operations next month and in May.
A bread production unit in Shanghai became operational last year, rolling out products under the brand name Wei Chuan Pasco.
Wei remained cautious about the local economy’s prospects in the first half of this year because of the ongoing debt crisis in Europe, but said he expected the recovery to start in the third quarter.
Despite the weakening global economy, Wei Chuan will give a 4 percent pay raise to employees in Taiwan and a 10 percent wage hike to workers in China this year, Wei said, adding that the company would collaborate with academia and research institutes to train new employees.
Wei Chuan is also planning a property development project in Sinjhuang (新莊) District, New Taipei City (新北市), Wei said.
Although property prices have come under pressure since the government introduced a luxury tax to curb speculation, Wei said he believed the new project would benefit from the MRT Sinjhuang Line connecting the suburb to Taipei that opened last week.