FSC Chairman Kung to sell Taiwan investment in U.S., Europe speeches

TAIPEI, Taiwan, The China Post Staff

Financial Supervisory Commission (FSC) Chairman Kung Jaw-sheng will lead a delegation to visit the U.S. and Europe in late September. During his trip to the U.S., he will give a speech to introduce the investment opportunities to financial heavyweights from the top 100 financial institutions in the U.S.

Kung will give the speech to the roundtable meeting to be attended by representatives of the top 100 financial institutions in the U.S. as well as officials from the White House. It’s the first time a Taiwanese official has given a speech at the roundtable meeting, which is held every two years. Kung’s speech will introduce the progress in Taiwan’s financial market, the operations of his Commission, which was newly founded in July, and the government’s policies for promoting Taiwan as a regional financial center for the Asia-Pacific area. He will take the chance to invite international financial institutions to make investments in Taiwan.

Kung is also scheduled to meet William Donaldson, chairman of the Securities Exchange Commission (SEC) in the U.S. during his trip.

The Taiwan stock market has gradually come out of the shadow of the Procomp Informatics scandal as foreign investors have maintained net buying for the last eight consecutive trading days, with their net buying accumulating to NT$47.6 billion for the eight trading days alone.

The booming foreign buying makes Kung confident on the prospects of Taiwan’s stock market. Meanwhile, the proposal for Morgan Stanley Capital International (MSCI) to raise the weighting of Taiwan’s market will help boost the inflow of foreign capital for investments in Taiwan shares.