The Minister of Economic Affairs yesterday said the conclusion of the “early harvest” list under the economic cooperation framework agreement (ECFA) would attract more foreign investments into Taiwan.
“Foreign businesses are displaying greater interest in investing in Taiwan after the ECFA is signed with China,” Shih Yen-shiang (施顏祥) said last night.
The inking of the ECFA is set to increase the competitiveness of certain Taiwan industries, with some international firms looking to make use of Taiwan’s cultural and language advantages as a base from which to make forays into China, he said.
Items included in the early harvest list will be the first to enjoy tariff waivers or zero duties, possibly starting from Jan. 1 next year, the ministry said.
Shih hailed the conclusion of the early harvest list as a “result of discreet negotiations which are in the ‘acceptable’ range.”
However, not every industry is pleased with the outcome.
“The general view from the petrochemical industry is nothing but disappointment,” spokesman of Petrochemical Industry Association of Taiwan (台灣區石油化學工業同業公會), Jack Shieh (謝俊雄) said.
Despite the 88 petrochemical items from Taiwan slated to enjoy zero tariffs over the next two years, he said critical items have been left out.
“Some of the major exports from Taiwan to China, including polyvinyl chloride are not included. But the export volume of these to the mainland are huge,” he said.
In reply, Shih said that other items that are of concern to Taiwanese businesses but were left off the early harvest list, would be discussed during the next phase.
On Tuesday, Japanese corporate strategist Kenichi Ohmae said in Taipei that after the trade pact is inked, Taiwan will be in a better position to attract overseas companies, including Japanese ones, as Taiwan already has 370 direct flights every week to China and its corporate tax has recently been cut to as low as 17 percent.
“There is no place better than Taiwan to operate from ... to expand your business into the Mainland,” he said.
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