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Taiwan industrial companies reshaping cross-Strait relations

(Xinhua)

13:45, August 15, 2011

TAIPEI, Aug. 14 (Xinhua) -- Taiwanese industrial companies have been reorganizing resources on both sides of the Strait to sharpen their competitive edge in the wake of tariff reductions that took effect earlier this year.

The Fair Friend Group, a leading Taiwan-based machine tool company, plans to invest 1.2 billion New Taiwan dollars (41.96 million U.S. dollars) to build two new factories and a research and development center in Taiwan, said Jimmy Chu, the company's chairman.

"We plan to move the manufacturing of several high-end products from overseas to Taiwan, since export tariffs on machine tools to the mainland have dropped this year," Chu said.

The Chinese mainland has reduced tariffs on 539 Taiwanese goods since January, while Taiwan has decreased duties on 267 mainland goods. Within two years, the duties on these products will be reduced to zero.

The company reported 90-percent growth in orders from the mainland over the first six months of this year, compared with the same period last year.

According to the island's trade department, exports of machine tools from Taiwan to the mainland reached 300 million U.S. dollars from January to June, a year-on-year increase of 61.9 percent.

In addition, the company will build two new factories and expand one of its existing factories on the mainland, Chu said.


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