The state-run Taiwan Sugar Corp (Taisugar,
Taisugar, currently Taiwan's sole producer and importer of sugar, would shift its focus to land development and bio-technology after WTO entry, its president Cheng Hong-tsai (
Taisugar, a leading owner of land in the country, also has interests in food, poultry and delivery services.
PHOTO: AFP
"After the WTO, the local market will be opened for free import and operations of the sugar business would become more difficult," he said.
"Strategically, the company would reduce sugar production to cut losses and expand to other business areas."
Six of the company's 10 sugar plants would be closed between next year and 2004, and 2,500 to 3,000 workers would be trimmed via early retirement in the three years, Cheng said.
Taisugar, however, would recruit more professionals to develop new lines of business, he said.
In related news, WTO membership will force Taiwan to fully liberalize its tobacco and alcohol market. The state monopoly business of five decades will go into history with the implementation of the new market mechanism starting next year.
In preparing for the opening of Taiwan's tobacco and alcohol market, the Legislative Yuan passed legislation on March 28 last year associated with the abolishment of the current monopoly system, including an administration bill, a taxation bill and a bill for the reorganization of the National Treasury.
While no tariff is charged on the Taiwan Tobacco and Wine Monopoly Board's alcoholic beverages, the monopoly gives all its profits to the government. Tobacco and alcohol production and marketing are regulated by the Fifth Department of the National Treasury.
Taiwan started to open its market to foreign tobacco and alcoholic beverage brands in 1987. Until 1992, bureau-produced tobacco still accounted for 81.24 percent of overall domestic consumption. The market share of locally-produced tobacco has continued to drop in the past several years, dipping to only 54.17 percent by early last year, according to statistics compiled by the National Treasury.
The alcohol market, on the other hand, is still dominated by bureau-produced alcoholic products due to the large consumption of Taiwan Beer, rice wine and Shaohsing wine. In 1992, bureau-produced alcoholic products accounted for 96.34 percent of total domestic consumption.
In recent years, imported high-quality and high-priced alcoholic beverages have become more popular on dinner tables in Taiwan. Many importers of alcohol look forward to a growing market when the new taxation system and market mechanism are put into force.
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