Taipei, 16 March 2010 – The Taiwan Stock Exchange Corporation (“TWSE”) and Bank of America Merrill Lynch is jointly hosting the "Taiwan, Technology and Beyond" Conference from 16 to 18 March 2010 in the Far Eastern Plaza Hotel, Taipei.
TWSE invited Taiwan Vice-President Mr. Vincent Siew to present a speech today as the VIP keynote speaker on the competitive advantages of the Taiwan market, as well as on the Taiwan government’s policies on economic development. The speech, followed by a Q&A session, lasted 30 minutes and was well received by the audience.
In his keynote address, Mr. Siew focused on the status of the Taiwan market, referring to a number of economic indicators and reports showing the improvement of Taiwan's economy and how it is establishing the Taiwan market as a global fund-raising platform by playing on the unique strength and characteristics of Taiwan’s high-tech industry clusters. Mr. Siew further elaborated on the Taiwan government’s policies on economic development such as pushing forward the implementation of the “Statute on Promoting Innovative Industries”, as well as promoting trade relationships with foreign markets aimed at East Asian regional integration.
Highlights of the Taiwan government’s economic development strategies are as follows:
1. World-
According to the World Economic Forum (WEF) 2008 Global Competitiveness Report, Taiwan's industry clusters ranked first in the global hi-tech industry with a world-leading industry cluster effect. Coupled with investors’ profound understanding of the hi-tech industry, more and more foreign companies have successively applied to list in Taiwan. In order to differentiate itself from the neighboring Hong Kong and Singapore markets, Taiwan will target elements such as hi-tech, innovative, small-scale and start-up companies, in order to attract listings from innovative companies in China, Japan and Korea.
2. Promoting innovative industries
Unlike the previous practice of providing tax incentives for specific industries, the “Statute on Promoting Innovative Industries” features functional incentives. Targeting research and development, personnel training, operational headquarters and international logistics, it aims to provide tax incentives which are not limited to company scale or industry, but encourages more companies to engage in innovation, as well as the accumulation of knowledge and technology.
3. Strengthening ties with the mainland China and reaching out to the world
Located in the geographical heart of East Asia, Taiwan has as number of advantages to serve as the Asian operations center for multinational companies by meeting their needs in transportation, information and personnel exchange. In addition, high-level talks on the ECFA will soon be completed to cement cross-strait financial and trade cooperation. Upon the signing of ECFA, Taiwan will negotiate and work with countries that are willing to conclude bilateral free trade agreements with Taiwan so that Taiwan can fully integrate into the manufacturing mechanism of the East Asian region and consolidate regional logistics, personnel and cash flows on the strength of its geographical advantages.
The Conference will run until 18 March. Dr. Chi Schive, Chairman of TWSE, will also give a keynote speech on 17 March. One-on-one and group meetings between representatives of professional investment institutions and listed companies will be held during the Conference.
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