Taiwan to invest in SE Asia

Taiwan to invest in SE Asia

TAIPEI (AFP): Several leading Taiwanese business groups are to form a holding company to invest in Southeast Asian nations devastated by the financial turmoil, a news report said Saturday.

Each group is required to put in at least T$500 million (US$15.2 million) as share capital for the new firm, the Commercial Times reported.

More than 10 local companies are expected to join the new firm aimed at looking into investment opportunities in Thailand, Indonesia, Philippines and Malaysia, the report said.

The proposal for the holding company came after P.K. Chiang, chairman of the cabinet-level Council for Economic Planning and Development met with several local business leaders Friday, the report said.

Some of the top businessmen in the meeting included Jeffrey Koo, chairman of National Association of Industry and Commerce, Hu Tien-wu, general-manager of China Development Corp. (CDC), Wu Tung-chin, chairman of Shin Kong Group and Kao Ching-yen, head of National Federation of Industries.