Taipei ruling party invests down under

Taipei ruling party invests down under

TAIPEI (DPA): Taiwan's ruling party has begun its US$3.7-
billion investment in Australia starting with a shrimp farm,
newspapers said Saturday.

The party has formed a 3.5-million-Australian-dollar joint
venture shrimp farm - Aussie Prawn Pty Ltd - near Darwin, the
newspapers quoted Yang Tsung-che, head of the party's Central
Development Corp, as saying.

The company plans to buy land in the North Territory to build
two shrimp farms, one 227 hectares and the other 4,000 hectares,
Yang said.

Australia needs to import 6,000 tons of shrimps each year.
Shrimps from the two farms will make Australia self-sufficient,
he said.

The ruling party is negotiating with Australia about helping
Taiwan fish and shrimp farmers emigrate to North Australia, the
China Times and the Economic Daily News said.

Australia agreed but requires the farmers to be able to speak
English, they said.

The ruling party revealed its plan to invest US$3.7 billion in
Australia last May. President Lee Teng-hui, party chairman,
reportedly supports the plan because it would find a way out for
industries that are no longer fit to develop in Taiwan.

The biggest investment project will be building a 1,400-
kilometer railway from Alice Springs to Darwin, and using the
land along the rail to grow crops and raise cattle.

The ruling party owns about 10 firms which invest in a wide
range of businesses - from farming to hi-tech - at home and
abroad.

Taiwan, which is recognized by only 31 countries, hopes to
strengthen unofficial ties through investment and trade - with
countries that recognize China.