Republic of China President Ma Ying-jeou told the France-Taiwan Parliament Friendship Group on Wednesday that he hopes European Union countries can increase their investment in Taiwan. At a reception for the group, the president also expressed a desire for a further exchange of opinions on the Trade Enhancement Measures agreement put forward by the EU. According to Ma, the signing of the Cross-strait Economic Cooperation Framework Agreement (ECFA) has crucial significance for Taiwan in terms of trade and foreign investment. “Taiwan is now pushing a global investment promotion project, and investment from EU countries currently leads foreign investment in Taiwan,” the president said. “I hope these countries can take advantage of Taiwan's position following the signing of the trade pact with mainland China to increase their investment in the island, further promoting the nation as the hub of the Asia-Pacific region,” he added. Ma noted that Taiwan's geographical location and cultural and linguistic advantages make it a springboard in the area, further benefiting the development of the trade relationship between Taiwan and France. “Though Taiwan and France do not have diplomatic relations, our economies, culture, technology and tourism are closely interlinked,” Ma pointed out. Taiwan is France's fifth trading partner in East Asia, with bilateral trade reaching US$32 billion in 2009. In addition, there are 11 agreements and 56 cooperation plans in effect, as well as 165 student exchanges and collaborative research plans between the two countries. Francois Brottes, chairperson of the France-Taiwan Parliament Friendship Group, has always supported Taiwan's participation in international organizations. He is in Taiwan to gain further understanding of the nation's dialogue with mainland China, its practice of flexible diplomacy and the effects of the ECFA on Taiwan's international space. Meanwhile, Taiwan is on track to hitting its private investment promotion target for 2010, the Industrial Development Bureau, under the Ministry of Economic Affairs, said on Wednesday. The latest IDB data shows that for the first half of the year, private investment approved by the MOEA's Investment Commission surged by 86.04 percent from 2009 to NT$574.1 billion (US$17.9 billion). While this figure is 54.82 percent of the anticipated NT$1.047 trillion yearly figure, it is 22.4 percent short of the NT$740.2 billion recorded in 2008. An unnamed IDB official said private investment in all of Taiwan's major sectors remains on target, including electrical equipment, electronics, energy, information technology, metals, retail and services. Industries directly related to everyday living, such as food manufacturing, textiles and petrochemicals, were the top performers, achieving 63.97 percent of the IDB's upwardly revised figure of NT$340 billion. “Ongoing consultations with the private sector reveal that local businesses remain optimistic about Taiwan's economic outlook,” the official said. “On this basis, the 2010 target appears highly attainable.” The cross-strait economic cooperation framework agreement is expected to take effect in October, according to the Bureau of Foreign Trade. “Once the Legislature ratifies the ECFA, negotiations between Taiwan and mainland China on four key areas will commence within six months.”
