AmCham releases the 2019 Taiwan White Paper

AmCham Taipei released its 2019 Taiwan White Paper on May 29 at a news conference attended by more than 40 journalists, who raised questions on such subjects as development of the digital economy, labor policy, energy policy, and the likely impact on Taiwan of the U.S.-China trade war.

AmCham Chairman Leo Seewald briefed the attendees on the highlights of the 2019 Taiwan White Paper:

  • Another year with major progress – Of the 71 issues put forward to the Taiwan government in the 2018 Taiwan White Paper for improvement of the business climate, eight were rated solved – three less than the all-time record of 11 last year. The eight issues included four from the cosmetics industry and one each from the Agro-chemicals, Capital Markets, Human Resources, and the Telecommunications and Media sectors. Another 15 issues were cited as showing good progress.
  • Challenges for Taiwan – Taiwan continues to face political pressure from China, economic fallout from the U.S.-China trade war, and internal challenges such as the rapidly aging population and shortages of land, labor, and other resources.
  • Positive developments – The U.S.-China tariff war also provides opportunities for Taiwan to attract manufacturing investment. The warm relationship with the U.S. offers hope that a bilateral trade agreement (BTA) could be negotiated.
  • The importance of innovation – Taiwan is on the right track in focusing attention on the “5+2 Innovative Industries” to enhance its global competitiveness.
  • The urgent need for focus – As there is no guarantee as to how long the current favorable conditions will last, this is a critical point in time. Taiwan cannot afford to be let the upcoming presidential election campaigns totally distract public attention from the crucial reform agenda.

2019 Taiwan White Paper Presentation from AmCham Taipei

Following the conference, the Chamber held a luncheon meeting in the Grand Ballroom of the Regent Taipei. Over 100 members and guests were at the event, including Minister Chen Mei-ling of the National Development Council (NDC), who accepted the White Paper on behalf of the Taiwan government. The minister thanked and praised AmCham Taipei for providing suggestions that will “help build a more internationalized business environment in Taiwan.” She said the government worked hard to eliminate the obstacles to investment cited in the White Paper.

Chen also asked AmCham member companies’ help in promoting the government’s three current flagship projects:

  • Regional Revitalization. Encouraging business investment in cities outside of Taipei, especially those in the Southern part of Taiwan, to bring value to unique industries that are suitable for various cities and towns.
  • Bilingual Nation. Promoting English as an official language to enhance Taiwan’s international competitiveness.
  • Smart Government. Improve government systems by integrating innovative smart services so that 98% of all government procedures can be performed online by 2025.

The Chamber thanks the NDC and the 23 government agencies for their continued support in coordinating cross-ministerial meetings to discuss AmCham’s issues and taking the Chamber’s suggestions into consideration. AmCham Taipei looks forward to working more closely with the government to promote economic growth and ensure that Taiwan remains a vigorous part of the international community.

Mayor Cheng Outlines Taoyuan’s Strengths as an Investment Site

In an Amcham Taipei special luncheon at the Regent Taipei, Taoyuan Mayor Cheng Wen-tsan highlighted his city’s strongpoints as an investment location for Taiwanese businesses returning from China. He noted that many Taiwanese enterprises on the mainland, impacted by the ongoing trade war between Washington and Beijing, are considering changes in their business plans. What they ultimately decide to do will be shaped largely by the nature of their business.

Cheng made the case that Taoyuan is a particularly attractive area for two types of operations: R&D centers and logistics. He said that an R&D center in Taoyuan would cost just half as much as one in Taipei, but Taoyuan is close enough to Taipei for young engineers to feel comfortable living and working there. The presence of the Taoyuan International Airport and proximity to the Port of Taipei provide strong transportation advantages for logistics companies.

The mayor also outlined the efforts his administration is making to alleviate the “Five Shortages” currently Taiwan as a whole: land, water, power, professional talent, and labor. For example, he cited the seven new industrial parks under development and the city’s program to create a more favorable living environment for foreign talent.

From left to right: AmCham President William Foreman; Taoyuan Mayor Cheng Wen-tsan; AmCham Governor Paulus Mok, Chairman of Citibank; and Governor Daniel Tseng, President, Corning Display Technologies Taiwan.

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2019 Hsieh Nien Fan: A Night for Commemoration

AmCham Taipei’s 2019 Hsieh Nien Fan banquet, held April 10 at the Grand Hyatt Taipei, paid tribute to the Taiwan Relations Act on its 40th anniversary. The law, which has enabled U.S.-Taiwan relations to continue smoothly without formal diplomatic recognition, was signed by U.S. President Jimmy Carter on exactly the same date in 1979.

The banquet has been held annually since 1970 as a way to express AmCham’s thanks to the Taiwan government for its cooperation in the past year. This year’s event was attended by 682 AmCham members and guests, including 143 government officials.

The keynote speakers were President Tsai Ing-wen and U.S. Deputy Assistant Secretary of State David Meale, with additional remarks by AmCham Chairman Leo Seewald (see the full remarks here) and American Institute in Taiwan Director Brent Christensen. Video messages on congratulations were shown from four U.S. Senators: Corey Gardner (R-CO), Tim Kaine (D-VA), Pat Roberts (R-KS), and Marco Rubio (R-FL).

Besides the President, the high-ranking Taiwanese officials in attendance included Secretary General of the National Security Council David Lee, Minister without Portfolio John Deng, Foreign Minister Joseph Wu, Minister of the National Development Council Chen Mei-ling, Chairman of the Financial Supervisory Commission Wellington Koo, Minister of Health and Welfare Chen Shih-chung, Minister of Science and Technology Chen Liang-gee, Minister of Justice Shawn Tsai, and several members of the Legislative Yuan.

The New York Times reported on President Tsai’s comments in her speech that Taiwan needs to continue diversifying Taiwan’s economy to prevent over-reliance on China. “We must make sure Taiwan’s economic and security position remains on the right track,” it quoted her as saying.

The President’s speech also stressed the importance of the government’s relationship with AmCham Taipei. “We will continue to work hand-in-hand to find ways to bring more jobs and investment to Taiwan,” she said.

Meale’s remarks cited the remarkably strong commercial relationship between the U.S. and Taiwan. “It is in the interest of the United States to have such an important trade and investment partner that is notable both as a democracy and as a well-run economy,” he told the audience.

In his comments, Christensen noted that Taiwan is the eleventh largest trading partner of the United states, and also “one of the key players in the high-tech global supply chain.”

2019 Hsieh Nien Fan – Toast

The Master of Ceremonies for the evening was Peter Dernbach.

A host of generous sponsors helped make the event possible: Platinum Sponsor Citi; Gold Sponsors Corning, Franklin Templeton Investments, and Standard Chartered Bank; Wine & Liquor Sponsors Diageo and Sergio Valente; Silver Sponsors 3M, HSBC, JTI, and Micron; Bronze Sponsors Air Canada, Air Products, Bechtel, Dun & Bradstreet, GE, Philip Morris International, Semi, and Versum Materials; and General Sponsors Invisalign, Amgen, Grand Hyatt Taipei, IBM, Johnson & Johnson, P&G, and the Tobacco Institute of the Republic of China.

Chairman Leo Seewald delivers remarks commemorating the 40th anniversary of the Taiwan Relations Act at AmCham’s Hsieh Nien Fan

The American Chamber of Commerce in Taipei held its 51st annual Hsieh Nien Fan banquet on April 10th in the Grand Ballroom of the Grand Hyatt Taipei.

Opening the evening, AmCham Taipei Leo Seewald delivers remarks commemorating the 40th anniversary of the Taiwan Relations Act. The act has special significance for the Chamber because the organization played a key role in drafting the legislation exactly 40 years ago.

A transcript of the chairman’s remarks is as follows:

President Tsai, Deputy Assistant Secretary Meale, AIT Director Christensen, Distinguished Guests, and Chamber Members:

Good evening! I’m delighted to welcome all of you to the 51st annual Hsieh Nien Fan of the American Chamber of Commerce in Taipei!

This year’s Hsieh Nien Fan is particularly significant because, as you have heard in the videos, it also coincides with the signing into law of the Taiwan Relations Act on exactly this date 40 years ago. I understand there is also party commemorating this event in Washington DC in just a few hours, so if any of you are looking for a good after party, you might be able to make it if you catch tonight’s flight out.

In the meantime, for those who do not know, the Taiwan Relations Act (TRA) forms the basis of the U.S.-Taiwan relationship and has helped create stability for Taiwan to prosper. It is the legal foundation that has made possible four decades of ever-stronger ties in such areas as trade, investment and an extremely broad range of cultural, educational, and scientific cooperation.

1978 and 1979 was a defining period for the American Chamber of Commerce in Taiwan as the Chamber stepped up and played a key role assuring continuity by advocating for a stable, secure relationship between the US and Taiwan.  A bit of history… The initial draft TRA legislation was too vague, so the then-AmCham chairman, Robert Parker, made several trips to Washington where he testified before Congressional committees.  He called for a clear statement of American commitment to Taiwan’s stability, as well as assurances that the substance of the bilateral relationship would be maintained despite the change in form.

Among the many scholars and other experts who also testified, Mr. Parker – on behalf of AmCham – was the main voice of the business community, stressing the importance to American businesses of being able to operate in an environment of security and certainty. Thankfully, the final version of the TRA addressed those concerns.

During the same period, the termination of the U.S. diplomatic presence in Taiwan put in jeopardy the legal standing of numerous American community institutions – everything from the Taipei American School, the American Club and youth organizations like the Boy Scouts and Girl Scouts as well as the English-language radio station (now famously known in Taiwan as ICRT)-

Can you imagine a Taiwan without A-foo’s taxi? And who would still be playing Air Supply? In any case, again AmCham stepped forward, taking the lead in ensuring new arrangements were made to preserve these institutions for future generations.

That period in 1979 was an example of AmCham stepping up to protect its members and the stability of Taiwan and was certainly one of AmCham’s finest hours… but it’s not the only example of the Chamber taking on big issues and playing an important part in Taiwan’s history.

The central theme for AmCham has always been (and will continue to be) the stability and prosperity of Taiwan.  We often make the point that the success of our members is inseparably tied to the success of Taiwan. Most of our members have been operating in Taiwan for more than 20 years- in fact, this year marks the 55th anniversary for Citibank, the 50th for 3M, 35th for HSBC, and 30th for both Microsoft and Cigna, as examples.

It is in this spirit that we cooperate with the Taiwan government to help suggest areas of improvement.  Last June, when we launched the 2018 Taiwan White Paper, we were very pleased to be able to announce that a record number of issues from the previous year’s had been resolved. This year, with a few months still left in the White Paper cycle (and before election fever grips the country) I hope we’ll again have a very productive outcome -but there’s still some work to do!

It is important to note that last year’s white paper success could not be achieved without the strong partnership the Chamber has built up with Taiwan government officials at all levels. Our Hsieh Nien Fan is our chance to say thank you to the many members of the Taiwan government that we’ve worked with over the past year – and to let you know how much we appreciate the excellent cooperation you’ve given us.

We also appreciate and thank the outstanding support we receive from our friends at AIT and the various U.S. government agencies in Washington.  Deputy Assistant Secretary Meale’s presence here tonight is a sign of that support. Thank you DAS Meale for making the trip-

Given our legacy and dedication, AmCham stands ready to offer our support for Taiwan through what now appears to be another period of dramatic change.  Supply chains are shifting, climate-change issues demand attention, and disruptive new technologies – everything from cloud computing, 3D printing to the digital economy– are rapidly transforming the way business is done. The companies AmCham represents are world leaders in driving innovation and as Taiwan confronts the challenges of this new technology-driven economy, the Taiwan government should know that it has a steadfast friend and supporter in the American Chamber of Commerce.

Finally, and most importantly, as the AmCham business climate survey points out, our members believe Taiwan has a bright future and we are all on the same side to make that happen!

With that thought, I would like to thank President Tsai, for joining us once again as our keynote speaker.  It is always a pleasure to have you with us and we appreciate the determination that you, Premier Su, and the other members of the Administration have shown in ensuring that Taiwan remains a vigorous part of the global economic community.

Ladies and gentlemen, please join me in welcoming her Excellency, President Tsai Ing-wen to the podium….

Micron Hosts AmCham Taipei Field Trip

A group of 24 AmCham Taipei members and Chamber staff took part in a field trip to the Taoyuan plant of Micron Technology on February 15. They heard an excellent briefing from Lin Kiat Yap, Chairman of Micron Technology Taiwan and Vice President of the Boise-Idaho based parent company, about the memory industry and Micron’s leading role in it. Then the visitors donned masks and “bunny suits” to tour the largest cleanroom (20,000 square meters) in the facility.

In his briefing, Yap outlined Micron’s growth from a four-partner startup in the basement of a dental clinic in Boise in 1978 to its position today as the world’s third largest memory company, with annual revenue of more than US$30 billion. The company has 34,000 employees worldwide and holds more than 40,000 patents.

Micron has the distinction of being the largest foreign investor in Taiwan. Besides the plant in Taoyuan’s Guishan, it also has facilities in the Central Taiwan Science Park in Taichung. The company has established a Center of Excellence in Taiwan to troubleshoot any production problems found in Micron plants around the world and devise solutions.

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Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

Chairman Leo Seewald Announces Results of the 2019 Business Climate Survey

AmCham Taipei Chairman Leo Seewald presented the results of the Chamber’s 2019 Business Climate Survey at a news conference followed by a membership luncheon on January 23. More than 30 Taiwan media organizations came to the briefing, which was held at the Chamber’s Lincoln Room.

The online survey was conducted for AmCham by PwC Taiwan between November and December of 2018, with 179 top executives of AmCham’s member companies responding.

Chamber President William Foreman opened the event by explaining the significance of the Business Climate Survey and why the feedback from members is so important to the Chamber. He stressed that a large number of survey respondents are well-experienced, high-level executives from multinationals that are deeply invested in Taiwan for over twenty years. Taiwan’s economic development will reflect the success of multinationals operating in Taiwan.

The Chairman highlighted that the survey respondents were significantly less confident about Taiwan’s economic outlook compared to the previous year. Factors causing concern for global companies include the ongoing U.S.-China trade dispute, the U.S. administration’s “American First” trade policy, pressure on Taiwan from China, and cyber-security threats. On a positive note, most companies are bullish about their own profitability and are confident about revenue growth over the next 12 months to 3 years.

Seewald, who is Chairman/Managing Director of BlackRock Investment Management (Taiwan) Limited, noted three key areas that required the government’s attention:

  • Government regulations and rules-making process: further reforms are needed to meet the needs of a knowledge-based economy. Results indicated modest improvement in satisfaction in regards to Taiwan’s regulatory environment when compared to the previous year. Survey-takers would like to see the government communicating more with businesses when new regulations and policies are passed.
  • Energy: sufficiency of future power supplies. Nearly 90% of businesses are worried about the adequacy of future power supplies; 73% concerned about voltage stability; and 70% concerned about electricity cost.
  • Labor policies: more flexibility is needed to meet companies’ needs. For more than half the companies, labor issues will be a major factor in whether they expand operations in Taiwan. Furthermore, about half the respondents said the latest amendments to Taiwan’s Labor Standards Act did not provide sufficient flexibility in the treatment of professional employees.

The presentation was repeated at a luncheon held at the Sherwood Taipei, which was attended by over 50 AmCham members and guests. See the full presentation below or download the complete report, click here.

2019 Business Climate Survey Presentation from AmCham Taipei

New Board Members Elected at 2018 AGM

Five candidates were elected to a two-year term on the Board of Governors, and three to a one-year term as Supervisors, at the AmCham Taipei’s 2018 Annual General Meeting at the Shangri-La’s Far Eastern Plaza hotel on November 20. About 170 AmCham members and guests attended the luncheon meeting.

The newly elected Governors to serve in 2019-2020 are:

  • Al Chang of Deloitte & Touche
  • Albert Chang of McKinsey & Co.
  • Seraphim Ma of Baker & McKenzie
  • Jan-Hendrik Meidinger of the Grand Hyatt Taipei
  • Paulus Mok of Citibank Taiwan

The 2019 Supervisors will be:

  • Vincent Shih of Microsoft Taiwan
  • Terry Tsao of SEMI Taiwan
  • Dylan Tyson of Prudential Life Insurance

The in-line candidates for Governor are Leo Seewald of BlackRock Investment, Petra Jumpers of Eli Lilley & Co., and Joyce Lee of Amgen Taiwan, while Carl Wegner of R3 is the alternate candidate for Supervisor.

At the start of the meeting, AmCham Chairman Albert Chang outlined some of the Chamber’s outstanding achievements during the past year. These included record levels of success in resolving White Paper issues, a revamped Business Climate Survey, and the speech by Deputy U.S. Secretary of State Alex Wong at the Hsieh Nien Fan banquet, generating extensive domestic and international media coverage.

The guest speaker at the luncheon, Director Brent Christensen of the American Institute in Taiwan, called attention to the numerous areas of close cooperation between the United States and Taiwan, including:

  • The Global Cooperation and Training Framework (GCTF), a partnership to demonstrate and share Taiwan’s strengths and expertise with other countries, which has held numerous exchanges and workshops on a wide variety of subjects.
  • The U.S. granting of visa waiver to Taiwan, plus its own Global Entry program, which has enabled the volume of two-way travel to surpass one million people a year.
  • The growing interest by Taiwanese companies in investing in the United States, as shown by Taiwan having the largest single delegation at the SelectUSA summit this year.
  • The U.S. Indo-Pacific Strategy, which is opening increased opportunities for cooperation in such areas as infrastructure, energy, and the digital economy, in sync with the Taiwan government’s New Southbound Policy and 5+2 Innovative Industry program.

Christensen also referred to Vice President Mike Pence’s October 4 speech on U.S. China policy which praised Taiwan as a model for democratic development for the Chinese people. The AIT Director cited three areas where Taiwan is well-positioned to demonstrate a leadership role as a responsible member of the international community:

  • Intellectual Property Rights (IPR) protection. Taiwan has made great improvements in this area, and IPR cooperation has now become a hallmark of the bilateral relationship, he said.
  • Regulatory transparency. Whereas Taiwan had a relatively opaque rules-making regime just a few years ago, it has since become a model by adopting a 60-day notice and comment period, enabling stakeholders to participate in the process.
  • Science-based regulation. It should be standard practice to base regulatory decisions on scientific evidence.

View the full photo gallery here.

Bringing Hawaii to Taipei: The 2018 American Ball

“Aloha Hawaii” was the theme of the dazzling 2018 American Ball, co-organized by AmCham Taipei and the American Institute in Taiwan (AIT). On the evening of November 3, AmCham members and their guests entered the beautifully decorated (thanks to the Feng Ze Design Center) Grand Ballroom of the Grand Hyatt Taipei and immediately imagined themselves transported to America’s favorite vacation spot.

After a cocktail reception featuring a welcome drink of Robert Mondavi Winery’s Woodbridge Sparkling Brut courtesy of Sergio Valente, Master of Ceremonies Ed Shober opened the festivities. AmCham Chairman Albert Chang and President Bill Foreman, accompanied by AIT Director Brent Christensen and Deputy Director Ray Greene, then greeted the attendees on behalf of the host organizations.

View the full photo gallery here.

Showing its usual creativity, the Grand Hyatt served a gourmet five-course meal that featured a cucumber red quinoa salad with Ahi poke and young corn, pumpkin chowder, cucumber granite passionfruit jelly, roasted U.S. beef tenderloin, and dessert of a chocolate sphere with coconut cream and fresh pineapple. The dinner was accompanied by Robert Mondavi Winery Woodbridge Cabernet Sauvignon and Chardonnay (from Sergio Valente) and Johnnie Walker Double Black (from Diageo). “Blue Hawaii” and other cocktails were available at the bar.

Before and during dinner, the ball-goers enjoyed spirited Hawaii-inspired entertainment routines devised by the VMJ dance group. Once the music started – provided by talented Sherwyne Pereira and his band, as well as DJ Rick Kraft – the dance floor was packed for the rest of the evening with gyrating, enthusiastic revelers.

The event was made possible by the generosity of a number of sponsoring companies. These included Grand Prize Sponsor United Airlines; Wine & Liquor Sponsors Diageo and Sergio Valente; Gold Sponsors Amgen, Grand Hyatt Taipei, HSBC, Taiwan Sotheby’s, and Versum Materials; Décor Sponsor Standard Chartered Bank; Silver Sponsors BlackRock, Corning, Invisalign, and Prospect Hospitality Co. Ltd. (McDonald’s Restaurants); and General Sponsor The Tobacco Institute of the Republic of China (TIROC), with a special thanks to the Primasia Conference & Business Center (PCBC).

Attractive raffle prizes added to the excitement of the evening. The grand prize, by United Airlines, was two round-trip business-class tickets to any destination in the United States. The second prize was four nights’ stay for two at either the Club Med Kani (Maldives) or Club Med Sahoro (Japan). Other gift sponsors were the Grand Hyatt Taipei, eslite hotel, Ever Rich D.F.S. Corp., Hawaii Island Real Estate/Clark Realty Hilo, Hotel Eclat Taipei, Howard Plaza, Landis Taipei, Mandarin Oriental Taipei, Mellow Fields Taipei, Palais de Chine, Procter & Gamble, Regent Taipei, Shangri-La’s Far Eastern Plaza Hotel, Sherwood Taipei, Westin Tashee Resort Taoyuan, and W Taipei.

Promoting Taiwan as a Liver Health Center of Excellence

Republic of China Vice President Chen Chien-jen, an epidemiologist with a background in researching hepatitis B, was the keynote speaker at the Taiwan Liver Health Forum sponsored by AmCham Taipei together with the American Institute in Taiwan (AIT) and the Ministry of Health and Welfare (MOHW). The event, held at the Howard-Plaza Hotel on October 3, was attended by 90-some guests from government, the medical community, and industry.

The idea for the forum grew out of a suggestion by AmCham Taipei’s Public Health Committee in the 2018 Taiwan White Paper that Taiwan strive to become the “Liver Health Center of Excellence in Asia.” Participants in the forum confirmed the validity of that goal, citing Taiwan’s pioneering work in past decades in controlling hepatitis B through vaccination and the government’s progress toward eradicating hepatitis C in the coming decade in line with World Health Organization objectives.

Hepatitis is endemic in this part of the world, and is considered a major health risk because it often leads to liver cancer. Among the points made by speakers at the forum were the importance of increasing the amount of screening conducted in Taiwan for hepatitis C. Although the effort would lead to higher healthcare expenditures in the near term, in the long-run it will substantially save costs due to reduced hospitalization and mortality, as well as heightened productivity.

Speakers also called for further expansion of clinical trials in Taiwan, more public education to raise awareness regarding liver health, and workplace programs to encourage more screening.

Opening remarks at the forum were delivered by AIT Director W. Brent Christensen and MOHW Deputy Minister Ho Chi-kung. In his half-hour keynote address, Vice President used a PowerPoint presentation to brief the audience on Taiwan’s past successes in combating liver disease. Other speakers were Dr. Kao Jia-horng, president of the Taiwan Association for the Study of the Liver; Dr. Pwu Raoh-fang, director of the MOHW National Hepatitis C Program Office; Dr. Homie Razavi, managing director of the U.S. Center for Disease Analysis; and Dr. Chiu Chang-fang, vice president of China Medical University Hospital.

Two panel discussions were moderated by Ramanathan Velayutham, Taiwan general manager for AbbVie Biopharmaceutical, and Pang Lai-li, Taiwan managing director for Merck Sharp & Dohme (MSD), respectively. Aside from the speakers, the panelists included Dr. Lee Po-chang, director-general of the National Health Insurance Administration; and Bristol-Myers Squibb General Manager Sophia Lee. AmCham Taipei President William Foreman gave closing remarks.

Platinum sponsors for the event were Abbvie, Bristol-Myers Squibb, and Gilead Sciences. MSD was a silver sponsor.

Interested in attending our events? Join us at other upcoming events, click here.

Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

Forum Highlights Benefits of Private Equity

AmCham Taipei, along with the U.S.-Taiwan Business Council based in the Washington DC area, provided support for a Sept. 14 forum entitled “Private Equity in Taiwan: A Pathway to Growth.” The event was jointly organized by the American Institute in Taiwan (AIT) and the Ministry of Economic Affairs.

In recent years Taiwan has attracted very little private equity (PE) investment, following some high-profile cases in which investment applications by PE firms were either rejected or dragged on until the applicant withdrew. The forum appeared to be a welcome indication that the Taiwan authorities are now actively seeking to woo PE investment.

Speeches by three government speakers – MOEA Deputy Minister Kung Ming-hsin, National Development Council Deputy Minister Cheng Cheng-Mount, and Financial Supervisory Commission Vice Chairperson Huang Tien-mu – all stressed the value that PE investment could bring to the Taiwan economy, aiding in industrial upgrading, innovation, and expansion of global markets.

Two panel discussions – one of them moderated by AmCham Vice Chairman Leo Seewald, chairman of BlackRock Taiwan – provided an opportunity for prominent financial-services executives from Taiwan and elsewhere in the region to explore the benefits of PE for Taiwan in some detail. One theme was the large number of successful family-owned enterprises in Taiwan in which the founder-chairman is quite elderly but the younger family members lack the ability or interest to take over. Cooperation with PE investors can offer a solution, enabling the family to continue to benefit financially without having to take responsibility for the management.