Eyeing shipping business opportunities in Southeast Asian nations, four state-run companies and one private firm have established a new firm in Singapore, the Ministry of Transportation and Communications said yesterday.
Taiwan Foundation International Pte Ltd has been formed by Taiwan International Ports Corp (TIPC), Chunghwa Post, Yang Ming Marine Transport Corp, Taiwan Navigation Co and T.S. Lines Co, which is the only private firm.
The investment is the second one forged by the TIPC, which was established in 2012.
Its first was in May when it joined forces with Yang Ming Marine and an Indonesian shipper to invest in the building and operation of a container yard in the port of Surabaya, Indonesia.
The ministry yesterday hosted a ceremony at the Sheraton Grand Taipei Hotel to celebrate the launch of the Singaporean joint venture.
The company has been formed to integrate the nation’s seaport resources, the ministry said in a statement, adding that it is part of the government’s New Southbound Policy, which seeks to enhance exchanges with ASEAN nations, India, Australia and New Zealand.
The new firm plans to invest in port facilities in nations targeted by the policy, the ministry said.
The economies in the nations targeted by the New Southbound Policy have grown rapidly over the past few years and many Taiwanese companies have been exporting or importing goods from ASEAN nations, the ministry said, adding that some have also chosen to invest in ASEAN nations.
This makes the ASEAN market the ideal destination for investment by shipping operators, it said.
Taiwanese shipping firms and logistics operators have extensive experience and operate widespread navigation networks, and the integration of these operators would create the synergies needed to develop the nation’s maritime transport industry, it said.
The new venture plans to gradually expand its business in South and South Asia, it said.
The initial capital of the new company would be US$40 million, TIPC said, adding that the company’s paid-in capital at the initial stage would be US$10 million.
The five investors in the new company have played important roles in the nation’s shipping industry, and their experiences and resources would complement one another when they jointly develop the businesses, TIPC said.
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