Taiwan sets up Manila investment desk

2017/04/18 22:55:05 fontsize-small fontsize-default fontsize-big
Taiwan sets up Manila investment desk

Manila, April 18 (CNA) Taiwan's Ministry of Economic Affairs established a "Taiwan Desk" at the Taipei Economic and Cultural Office (TECO) in the Philippines on Tuesday, to help Taiwanese business people invest in the Southeast Asian country.

The desk, with services in English, Mandarin, Taiwanese Hokkien and the Filipino language (Tagalog), will provide professional consultations on legal, tax, labor, and environmental protection affairs.

The launch ceremony was co-hosted by Taiwan's representative to the Philippines Gary Lin (林松煥) and Nick Ni (倪克浩), head of the economic division of TECO in the Philippines, in Makati City.

On the same day, about 50 representatives from 30 Philippine companies attended the 2017 Taiwan Green and Photovoltaic Industry Seminar, organized by Taiwan External Trade Development Council (TAITRA), in Manila Hotel.

Chu Cheng-nan (朱正男), an expert from the Green Energy and Environment Research Laboratories at the Industrial Technology Research Institute (ITRI), said Taiwan is working towards 20 percent of its total energy needs being provided by green energy, mainly solar and wind energy by 2025. To meet that target the nation needs to work with other countries, he said.

Taiwan's production of silicon wafer solar cells is estimated to be the second largest in the world, Chu said, and some of those companies have invested in the Philippines.

In 2016, Taiwan was the Philippines' eighth largest trade partner and invested US$32.82 million in the country, making it Manila's 12th largest source of investment.

In 2016, gross domestic product (GDP) in the Philippines grew 6.9 percent, up from 5.8 percent the previous year, while the Philippine government expects 6.5-7.5 percent growth in 2017.

(By Emerson Lim and Kuo Chung-han)

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