Minister of Economic Affairs J.W. Kuo (郭智輝) yesterday said that his earlier comment about an assumed US$400 billion US investment was only an estimate and was based on references to other countries’ situations.
Kuo on Wednesday last week at a meeting with industry representatives said that Taiwan’s investment in the US could reach US$400 billion — a figure that he clarified yesterday was only an estimate.
While the government is seeking a US tariff rate below the current 20 percent, achieving it might require greater investment pledges in the US, Kuo told reporters on the sidelines of an energy forum in Taipei, citing the cases of the EU, Japan and South Korea.
Photo: CNA
In their trade negotiations with the US, the EU pledged US$600 billion in US investments, Japan pledged US$300 billion and South Korea US$350 billion, he said.
To lessen the tariff burden on companies, the government is considering assisting them to establish operations in the US, Kuo said.
As it typically takes about five years to set up a plant in the US, the government is establishing a trade promotion administration office in Texas this month and is exploring multiple avenues to help local manufacturers enter the US market, he said.
The government is considering assisting manufacturers by investing in distribution channels or warehousing units in major US cities and ports, which might enable them to secure lower tariff rates, he added.
The ministry would work closely with small and medium-sized enterprises to help them boost their competitiveness in eight areas: production, marketing, human resources, research and development, finance, administration, information technology and logistics, Kuo said.
The ministry would also support enterprises to integrate upstream and downstream supply chains, with the possibility of setting up similar trade promotion administration offices to the one in Texas in other US states, he added.
GROWING OWINGS: While Luxembourg and China swapped the top three spots, the US continued to be the largest exposure for Taiwan for the 41st consecutive quarter The US remained the largest debtor nation to Taiwan’s banking sector for the 41st consecutive quarter at the end of September, after local banks’ exposure to the US market rose more than 2 percent from three months earlier, the central bank said. Exposure to the US increased to US$198.896 billion, up US$4.026 billion, or 2.07 percent, from US$194.87 billion in the previous quarter, data released by the central bank showed on Friday. Of the increase, about US$1.4 billion came from banks’ investments in securitized products and interbank loans in the US, while another US$2.6 billion stemmed from trust assets, including mutual funds,
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