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]."
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
STEADFAST FRIEND: The bills encourage increased Taiwan-US engagement and address China’s distortion of UN Resolution 2758 to isolate Taiwan internationally The Presidential Office yesterday thanked the US House of Representatives for unanimously passing two Taiwan-related bills highlighting its solid support for Taiwan’s democracy and global participation, and for deepening bilateral relations. One of the bills, the Taiwan Assurance Implementation Act, requires the US Department of State to periodically review its guidelines for engagement with Taiwan, and report to the US Congress on the guidelines and plans to lift self-imposed limitations on US-Taiwan engagement. The other bill is the Taiwan International Solidarity Act, which clarifies that UN Resolution 2758 does not address the issue of the representation of Taiwan or its people in
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
RSS