Fri, May 11, 2001 page1

• AmCham paper calls for pragmatic cooperation

  WHITE PAPER In its yearly report, the American Chamber of Commerce weighed in on Taiwan's political wrangling, and called on the government to take its anti-corruption fight to the private sector

  • By Tsering Namgyal / STAFF REPORTER
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  The American Chamber of Commerce (AmCham, 美國商會) in Taipei, in its newly-released 2001 Taiwan White Paper, underscored the importance of domestic political stability and the necessity of making economic and financial reforms.

  "All the political parties are free to pursue their respective agendas," said Peter Banko, president of AmCham yesterday at the release of the widely-watched White Paper. "But this must be done in the spirit of pragmatic cooperation which places national interest ahead of partisan politics." AmCham also said the reforms and deregulation should be carried out so as to attract more foreign investment to Taiwan.

  

  PHOTO: CHEN CHENG-CHANG, TAIPEI TIMES

  "This necessarily means creating a `level playing field' with domestic industry that builds solid commercial advantage for Taiwan's global competitiveness, as well as giving Taiwan consumers access to a broad range of high-standard goods and services," said Banko, also Taiwan head of the Bank of America.

  Deviating from its past practise, AmCham this time expressed strong views on the new government's anti-corruption drive, adding that the anti-graft campaign should also include the private sector.

  "There should be no tolerance of `white collar' crime such as insider trading and market manipulation," it said.

  In its White Paper AmCham also gave high priority to bankruptcy reform -- by amending Taiwan's Company Law -- which it believes is indispensable for the smooth implementation of the ongoing corporate and financial restructuring. Because, it says, "the most effective way of dealing with insolvency is to immediately remove the management that created the problem -- either through their ineptitude, lax corporate governance, or fraudulent practices and to replace the pre-petition managers with objective third-party trustees."

  AmCham yesterday also urged that the government's Administrative Procedures Act be "vigorously implemented" and that foreign businessmen be invited to attend the pre-legislation meetings before the drafts are made into law.

  On the investment front, AmCham seeks a "clear and consistent labor policy that ensures an adequate supply of both skilled workers and professional personnel." Thomas McGowan, an attorney who serves as AmCham vice president, said despite the rising jobless rate, many firms in the private sector still cannot find adequately skilled labor in Taiwan.

  Meanwhile, to encourage firms to stay in Taiwan, AmCham highlighted the need for a "clear and consistent tax policy."

  Taiwan also needs to build an "intellectual infrastructure" that includes government transparency and the rule of law -- beyond the physical domain of transportation, energy and telecommunications.

  In terms of privatization, AmCham called for accelerated privatization of both Chinese Petroleum Corp (中油) and Taiwan Power Co (台電), as well as the speedy deregulation of the telecom sector prior to Taiwan's entry into the WTO.

  On China, the issue of direct transportation links, AmCham believes, will help Taiwan leverage its proximity to the world's most populous market. On that front the White Paper stated that the government should give US firms equal access to providing direct sea, air and communications services between Taiwan and China. But Banko emphasized that while AmCham is not entitled to comment on Taiwan's "diplomatic relations" with China, the commercial organization encourages "Taiwan and mainland China to resume their dialogue and resolve their differences through peaceful negotiations without compromising Taiwan's security," he said.

  Key AmCham leaders led by Banko met with President Chen Shui-bian (陳水扁), Premier Chang Chun-hsiung (張俊雄) and leading members of the Cabinet yesterday to discuss the White Paper. The meeting, Banko said, was "frank, meaningful and concrete."

  The White Paper, often seen by the government as a benchmark of international opinion on Taiwan, focuses on key issues that affect the operation of foreign businesses in Taiwan.
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