Premier Cho Jung-tai (卓榮泰) yesterday instructed agencies to expedite the establishment of an “Asian NASDAQ” in Taiwan, which advocates said has the potential challenge the US index’s global monopoly.
At yesterday’s meeting of the Executive Yuan’s Economic Development Commission, a report on an “Asia asset management center” attracted attention from attendees, an Executive Yuan official said.
Following the proposal, advisers continued a lively conversation and provided numerous suggestions, the official said.
Photo courtesy of the Executive Yuan
Cho reportedly asked the Financial Regulatory Commission, the Ministry of Finance and the Ministry of Economic Affairs to quickly move ahead with the proposal.
“Whether in price-to-earnings ratio or trading volume, Taiwan’s stock market has the potential to be on par with the NASDAQ,” an adviser who was at the meeting said.
If Taiwan’s capital market follows that trend, then the nation could effectively become a regional fundraising center, they added.
Another advisor said that Taiwan’s industrial competitiveness and mature capital market provide a foundation to attract international funds and enterprises.
If the vision of an “Asian NASDAQ” is to succeed, then it cannot solely depend on local start-ups, but should attract international start-ups to list in Taiwan to ensure that the capital market has strong international appeal, the advisor said.
“We should not only encourage international start-ups, but seek out world-class companies to list in Taiwan,” another advisor said.
If Taiwan wants to change the “status quo” regarding the US NASDAQ’s current monopoly on leading international firms, the country must be bold and forward-thinking, he said.
“While Hong Kong could become China’s NASDAQ, it has only a limited ability to attract foreign companies, and that is where Taiwan’s opportunity lies,” he added.
Capital markets are also linked to national security, an advisor said.
The top 10 companies in an index can account for most of its value, meaning that listing location can have ramifications for the broader global economic structure, he said.
If Taiwan could attract companies to list here, it could have a positive impact on the nation’s strategic position and economic resilience, he added.
Taiwan should “make every effort” to attract companies to list in the country by lowering barriers to entry and institutional friction, he said.
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