Taiwan to provide funds for local firms to invest in Southeast Asia

Taiwan to provide funds for local firms to invest in Southeast Asia

TAIPEI (AFP): Authorities are ready to loan Taiwan businessmen
funds to invest in Indonesia, Vietnam and the Philippines, a
senior official said here.

Chou Yen, executive director of the Overseas Economic
Cooperation Fund (OECF), said that an investor who has decided
where to invest in any of the three countries can apply for funds
provided by the OECF and the Indonesian, Vietnamese and
Philippine governments.

"The financing is part of the assistance given by the
government to investors in the three countries in line with the
national 'southward' policy," Chou said Wednesday.

The policy will not be affected by a labor protest in the
northern city of Medan in Indonesia which turned into an anti-
Chinese riot earlier in the week.

Under the southward policy to boost Taiwan's ties with
Southeast Asian nations, the government will increase economic
and investment activities in the region, especially Subic Bay in
the Philippines, Batam Island of Indonesia and Vietnam.

OECF officials said Taiwan will also set aside a US$15-million
fund to help finance small and medium-sized enterprises in Costa
Rica, and a $1 million fund for Nicaragua to support a small and
medium-sized enterprise program there.

Taiwan will also offer a $15 million in aid for South Africa
to develop its small farm program and will help Swaziland expand
its airport and buy new aircraft, the officials said.

Taiwan President Lee Teng-hui will make his first-ever state
visit to all four countries from May 4 to May 14.

The OECF will provide a $20 million soft loan to El Salvador,
to help develop its power supply, June 1 when Premier Lien Chan
there, the local press said.