The Ministry of Finance has delegated local securities agencies to organize an investment road show to the US after foreign firms withdrew their assistance for fear of angering China, an official said yesterday.
"Some American securities firms, which had shown interest in helping us organize the event, appeared to have backed out due to pressure from Beijing," an official at the Securities and Futures Commission said.
Their fears may have been sparked by China's treatment of Credit Suisse First Boston (CSFB), which has reportedly been excluded from arranging certain share offerings by Chinese companies after it helped coordinate the Taiwan ministry's last European promotional visit in June and July, he said.
The Securities and Futures Commission, Taiwan Stock Exchange Co and Chinese Securities Association in Taipei would now be responsible for arranging the road show in November to solicit US investments for Taiwan's financial markets, the official said.
"But that's not why we decided to do it ourselves but rather to acquire the experience of arranging overseas events," he said.
Officials at the Securities and Futures Commission yesterday said the planned investment road show to the US would include stops in Boston, New York and San Francisco.
The investor list would be provided by foreign institutional investors and the Bureau of Foreign Trade would assist in organizing the investment conferences, officials said.
In view of China's pressure on foreign brokers with regards to sponsoring Taiwan's investor tour, a pundit said Taiwan should deregulate its China policy in order to improve the cross-strait relationship.
"China's attitude on this matter is outdated," said Lee Tong-how (
"Since the Bayer dropped its NT$50 billion investment project in Taichung, many foreign investors have been reluctant to listen to any investment proposals made by the government. The finance ministry is trying to give out a message that Taiwan still welcomes foreign investors," Lee said.
The finance ministry aims to bring in an additional NT$20 billion (US$580 million) from foreign investment by June 2002.
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