State-run China Shipbuilding Corp (
The Ministry of Economic Affairs (MOEA) and China Shipbuilding will soon sign an agreement with the Navy's General Headquarters (
Under the contract, China Shipbuilding will also be the leading contractor for subcontracting business to local private shipbuilding manufacturers.
"Our goal is to transplant the navy's shipbuilding skills to local companies, thus enhancing the standards of the local shipbuilding industry," said an MOEA official.
Due to strong competition from Japan, Korea and China, the profitability of the local shipbuilding industry has been decreasing, he added.
In recent years, the General Headquarters has reduced the number of its shipbuilding factories from five to three.
The reductions came in the wake of high production costs resulting from small economies of scale coupled with the inability of the navy's factories to keep up with the fast-evolving navigation technology installed in the new generation of naval vessels.
According to the Industrial Development Bureau (IDB,
In the near future, the Navy will tender a contract worth more than NT$10 billion to local shipbuilders to construct 29 missile boats.
Five private shipbuilders in Taiwan are interested in the contract, but their factories are too small to build large vessels due to the small size of their businesses.
As a result, the Navy has shown a preference for China Shipbuilding to act as the leading contractor and to contract the project to private shipbuilders according to their capabilities.
According to the current privatization time-table, China Shipbuilding is to be privatized by June 2001. Currently, 85 percent of its revenue is generated from building commercial ships.
Due to decreased global demand for new commercial ships, and to fierce competition from Japan, Korea, and China, China Shipbuilding registered a loss of NT$1.1 billion in fiscal year 1998.
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