The Ministry of Economic Affairs yesterday launched a “US-Taiwan Connect” Web site as part of its efforts to improve mutual understanding and boost investment from the US.
The English-language one-stop portal provides detailed information on Taiwan related to trade opportunities, investment, industrial cooperation, APEC cooperation, energy policy, immigration, educational exchanges, travel and sister cities.
Vice Minister of Economic Affairs Bill Cho (卓士昭) said at an event to introduce the Web site that the ministry hoped the site would serve as a communications platform to “pave the growth of US-Taiwan trade and investment.”
Last year, bilateral trade between the US and Taiwan reached US$67 billion, making Taiwan the US’ 10th-largest trading partner, the ministry said.
Not only is Taiwan the US’ 15th-largest export market, but it also is the single largest per capita importer of US farm products in the world, the ministry said.
The launch of the new “US-Taiwan Connect” portal comes at “a very opportune time,” American Institute in Taiwan (AIT) economic chief Alan Tousignant said, as the institute expects that admitting Taiwan to the US visa-waiver program will make the US a more popular destination for Taiwanese travelers.
The AIT is also promoting a US national travel and tourism strategy, and Taiwan’s inclusion in the visa-waiver program provides a golden opportunity for more company-to-company and people-to-people exchanges, he said.
Tousignant said the launch of the new Web site will also further reinforce the strong economic and commercial ties between the US and Taiwan.
The US has set the goals of doubling its exports by the end of 2014 and increasing its inbound investment, and the first step in completing an export transaction or undertaking a green field investment is acquiring market and industry information, Tousignant said.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president