Formosa Plastics Group (FPG) Chairman (
But Wang did say that the investment conditions in Taiwan may not be cost effective, adding that if industries chose to relocate overseas, it would be based on such considerations, according to a local television news service.
Wang was responding to reports in the local media that have said he was planning to leave for a six-day visit to China on Sept. 9 to discuss with officials a proposed naphtha cracking complex in Ningbo in southeastern Zhejiang Province.
According to the reports, the complex is to be located on Meishan Island (
The investment, however, would require Taipei's approval, which, said Mainland Affairs Council (陸委會) spokesman Lin Chong-pin (林中斌), FPG does not have yet.
"None of the related government departments have received an application from Formosa to carry out such an investment," said Lin.
"If the government was to receive such an application, it would be reviewed in accordance with the law," he said. Currently, investments in upstream petrochemical, high-tech and infrastructure industries are still restricted, despite talk by the new administration that the restrictions could be soon eased.
Lin said he believed Formosa would respect the current laws regarding cross-strait investment and he was unwilling to answer questions about revisions to the "no haste, be patient" policy regarding investment in China.
Wang has long been a vocal opponent of the policy. In 1992 Wang cancelled a multi-billion investment plan in China under pressure from the government, but later broke out on his own against official resistance and now operates the US$3 billion Hwa Yang power plant in Changzhou, Fujian Province.
The group now also has at least 15 other major investment projects in China ranging in value bewteen US$1.8 million and US$100 million.
The Ningbo plant would be larger than Formosa's sixth naphtha cracker which is located in Mailiao, southern Taiwan and covers 2,134 hectares.
Originally, Formosa had only sought 2,000 hectares on Meishan Island, but to ensure that the petrochemical giant's commitment remained solid, Ningbo authorities offered another 2,000 hectares along the Chinese coast directly opposite the island, the reports said.
Ningbo is a shipping juncture that links ports in northern China with those in southern China. It handles large volumes of bulk cargo for the Shanghai Economic Area and locations along the middle and lower reaches of the Yangtze River.
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