Taiwan to invest 20b yuan in Tianjin

By Wang Yu and Wang Qian (China Daily)
Updated: 2008-12-15 08:20

TIANJIN - Undeterred by the current global economic crisis, Taiwan businesses will invest 20 billion yuan ($2.9 billion) in Tianjin, a top government official of the municipality said on Sunday.

"There are 22 joint projects, involving an investment of 20 billion yuan, expected to be signed between Tianjin and Taiwan," Ren Xuefeng, the vice-mayor of Tianjin, said.

Most of the projects and investment will go to the manufacturing industry, especially in sectors of electronics, chemicals and environmental protection, Wang Shupei, director of Tianjin commission of commerce, said, adding that a part of the investment would also go to agriculture and service industries.

Agricultural products, logistics, commerce, and other modern service businesses will get a chance to develop further due to the Tianjin-Taiwan economic cooperation, said Wang.

As the mainland and Taiwan enter a new era of direct air and shipping links today, with planes and ships traveling directly across the Taiwan Straits, officials assured the cooperation would only be strengthened.

"Direct shipping across the straits will prove advantageous to the electronic industry in northern part of the country as well as the imports of agricultural products in Taiwan," said Ren.

The local government of Tianjin has attracted 2,014 Taiwan enterprises, bringing in an investment of $8.2 billion, till October this year.