Companies eyeing cheap land and labor in China should instead invest in the nation's diplomatic allies in central and South America, Vice President Annette Lu (
The issue of capital flight to China has long been a concern to politicians worried that Beijing may use Taiwanese investment to gain leverage over Taiwan.
Lu yesterday said that a country with a poor human rights record and hostility toward Taiwan wasn't an ideal place to set up shop. Instead, central and South America are better choices, she said.
Lu said she hoped to see new ideas to encourage investment in Taiwan's diplomatic allies in central and South America within the next six months.
"On a scale of one to 10, if the devastation to Taiwan's economy from WTO entry measures one, then the devastation from the China fever of Taiwanese businessmen measures up to 10," she said while visiting farms in Hsinchu.
Lu also gave the thumbs-down to proposals by chipmakers that they be allowed to set up 8-inch plants in China. Taiwan Semiconductor Manufacturing Co (
Government approval of the plan would be detrimental to the nation's industrial and economic development, Lu said.
The vice president said she opposed the idea because, although Taiwanese firms have led the chip industry by setting up advanced 12-inch chipmaking facilities, eight-inch plants remain the backbone of the nation's semiconductor industry.
The exodus of eight-inch chip plants from Hsinchu Industrial Park to China would be harmful to the economy, she said.
Lu also said investment in China had social repercussions. Too many businessmen overseeing investments in China spend long periods of time away from their families.
Turning her attention to the nation's accession to the WTO, Lu urged the agricultural sector to prepare for the increased competition that an open market brings. Taiwan will be open to imports of more than 2,000 agricultural products from China as a result of WTO membership.
"We not only have to face challenges, but we have to overcome these challenges because crises also mean favorable opportunities," she said.
To counter the impact of WTO entry, Lu provided county government officials with several proposals. She said agricultural specialists should encourage farmers to invest in central and South America.
In addition, governments from both sides should offer financial assistance for these agricultural projects.
Lu also proposed exporting the nation's agricultural products to Latin American countries. "The world is huge, Taiwan can seek opportunities in so many other countries," she said.
"China is the only country in the world that bears hostility toward Taiwan," the vice president said. "China is not the only choice for Taiwan's [investments]."
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