The government revealed details of its investment initiatives in Central America -- known as the Jung Pang Project -- Monday in Nicaragua, as presidents from five diplomatic allies in Central America and representatives of three other countries attended.
The Fifth Summit of the Republic of China (ROC) and Central America was held on Monday in Managua, the capital of Nicaragua.
President Chen Shui-bian (陳水扁) said in the opening ceremony that future investments backed by the government will help local economies flourish, boost democratic ties and economic connection, sustain peace and create honorable friendships.
The Presidents of five diplomatic allies, including Panama, El Salvador, Nicaragua, Honduras, and Belize, attended the opening ceremony.
Representatives of three other allies including Guatemala and the Dominican Republic, also took part in the summit.
Chen stressed that Taiwan's signing of free trade agreements (FTAs) with Panama, Guatemala and others in the region will closely connect Taiwan's investment to economic development in Central and Southern America and the Caribbean.
Chen also asked leaders attending the summit to help end the segregation of the Taiwanese people from international society and build permanent peace in the Taiwan Strait.
Nicaraguan President Enrique Bolanos Geyer said that he and others in the region would support Taiwan's bid to join the UN, the World Health Organization and other international groups.
At the summit, Vice Premier Wu Rong-i (吳榮義) reported the details of the Jung Pang Project, which will use a US$250 million fund to help Taiwanese business people invest in Central America.
"Taiwan's experience in boosting economic development appeals to developing countries. They are eager to learn from Taiwan in order to help them to tackle poverty," Wu said at a press conference.
Wu said that the fund, which is designed to encourage Taiwanese business people invest in Central America, is different from the ROC-Central American Development Fund. The latter was initiated in 1998 and designed to give diplomatic allies up to US$240 million by 2010.
It was initiated by former president Lee Teng-hui (
Annual interest from the fund, roughly US$2 million, has been allocated for activities involving Taiwan's diplomatic allies. So far, Taiwan has given away US$120 million.
Prior to the summit, Chen met with Panamanian President Martin Torrijos in a closed-door meeting, discussing how to strengthen trade relations between the two countries based on the free trade agreement that became effective on Jan 1 last year.
"Torrijos said his future focus will be about trading and investment. President Chen said he would do his best to help Torrijos to explore the two fields," Presidential Office Deputy Secretary-General James Huang (
Chen said the success of the summit shows that China's strategies jeopardizing Taiwan's ties with friendly countries in Central America did not work.
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