Foreign firms to help MOF promote local investment

The China Post staff

The Ministry of Finance (MOF) this week is going all out to attract foreign capital and investment to Taiwan. It selected six foreign financial groups to help it successfully market the island’s potential overseas. According to a recent article in a Chinese language newspaper, the MOF has selected six foreign financial firms to assist it in attracting overseas investment to Taiwan such as JP Morgan Chase Manhattan, Credit Suisse First Boston (CSFB), Merrill Lynch, Goldman Sacks, ABN AMRO, and Daiwa Securities.

Citibank Smith Barney, Morgan Stanley and UBS AG are surprisingly not among the list.

The MOF and institutions are planning to dispatch a delegation to meet with leading international financial firms and investors in Europe, the United States, and Asia in a bid to woe greater investment to Taiwan. MOF representatives said that the delegation will meet with officials from leading institutions in the world’s top five financial centers. Japan, Singapore, the U.S., and Hong Kong, as well as locations in a number of European countries will be called upon by the delegation. Goldman Sacks and Merrill Lynch will arrange the tours to New York and Boston, ABN AMRO and Daiwa Securities will arrange the trips to Hong Kong and Japan respectively, while JP Morgan Chase Manhattan will be in charge of the trips to Singapore and other Asian area. CSFB will manage the trip to Europe.

According to a source within the MOF, the ministry recently called a meeting of leading overseas financial firms to help recruit more investment to Taiwan.

The MOF and foreign firms will initially pinpoint the five areas of Taiwan’s current investment and economic climate that are felt more crucial and in need of attention.