Taiwan entrepreneurs are encouraged to invest in Malaysia

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In this Tuesday, Oct. 2, 2018, photo, Malaysia landmark building Kuala Lumpur Tower is pictured in downtown Kuala Lumpur, Malaysia, Tuesday, Oct. 2, 2018. Malaysian Finance Minister Lim Guan Eng unveiled 2019 budget in Parliament, the first under a new government that won May's general elections. The government forecast economic growth to slow to 4.8 percent this year, from 5.9 percent in 2017, and expects to fix the country's fiscal woes in three years. (AP Photo/Yam G-Jun)

KUALA LUMPUR (Sin Chew Daily / ANN) — Taiwan entrepreneurs who repatriate their funds from China due to the U.S.-China trade war are encouraged to invest in Malaysia, said Anne Hung, the representative of Taipei Economic and Cultural Office in Malaysia.

This also helps to promote trade ties between Malaysia and Taiwan, she added.

“Many Taiwanese entrepreneurs have withdrawn from China’s market due to China-U.S. trade war and switch their investment focus to Vietnam and Indonesia. However, the Vietnamese market is too hot now. Taiwan is encouraging them to switch to other Southeast Asia countries. Malaysia is one of them,” she said.

Hung said this at the fifth anniversary dinner of Malaysia-Taiwan Trade Federation Association cum the closing ceremony for Taiwan youth participating in a study tour to visit Malaysia.

Taiwan is willing to support locals to invest in Malaysia after repatriating from China, she said adding that Malaysians in business circles are welcome to furnish relevant information.

“We have introduced investment plans following repatriation of funds from China.  Applications made by close to 100 local entrepreneurs have been approved so far with close to US$20 billion of investment funds involved,” she said.

Hung said since launching the New Southbound Policy three years ago, interaction and sharing of resources between Taiwan and Malaysia have made significant progress.

She said Taiwan is still the fourth largest foreign direct investor in Malaysia. Bilateral trade volume between Taiwan and Malaysia hit US 20 billion last year with an accumulated investment of US1.2 billion.

“We have close collaboration in high-end technology and agriculture sector. Each year we invite industry leaders from various sectors to attend activities in order to enhance ties,’’ she said.

Under the leadership of Tang Ying Lik, president of the Malaysia-Taiwan Trade Federation Association, she said activities organised by the association had garnered support from local Chinese community and friends, including the study tour for Taiwan youth to visit Malaysia started last year.

“The president has high expectation on exchange programmes for youth in Taiwan and Malaysia. We believe that the 22 Taiwanese youth would learn more about Malaysia in the nine-day tour and get to know the struggles of local Chinese and their mission in defending Chinese culture,’’ she said.

Tang said since its inception the Malaysia-Taiwan Trade Federation Association has not changed its mission. It is making contribution to promote trade between Taiwan and Malaysia regardless of race.

“I always stress Malaysia needs strategic partner in high-end technology such as Taiwan as it moves towards Industrial 4.0,” he said.

On the journey of defending Chinese culture, Tang said the Chinese education groups, Chinese community and media are to be standing on the same line.

“The Chinese education groups, Chinese community and media should not be separated. I will share local Chinese newspaper Sin Chew Daily with the Taiwanese youth visiting Malaysia for them to know the background of Chinese community,” he said.

By News Desk