Guest Speakers:
Mr. Ralf Scheller, Chairman
European Chamber of Commerce Taipei (ECCT)
and Managing Director, TUV Rheinland Taiwan
Mr. Guy Wittich, CEO
European Chamber of Commerce Taipei (ECCT)
Over the last decade, the Taiwan economy has increasingly become engaged on the Mainland; Some 70,000 Taiwanese firms have invested over US$100 billion in the Mainland, and estimates on the number of Taiwanese working or residing on the mainland range from 1 to 3 million. Mainland China has become Taiwan's largest export market (totaling US$414 billion in 2005), primarily machinery and components supply to Taiwanese-Mainland joint ventures in the '3C' manufacturing industry. Taiwanese firms and their PRC business partners have successfully developed into global exporters to the rest of the world. However, further business development and competitiveness is hampered by a plethora of restrictive regulations with regard to direct cross-Straits flights, PRC business visitors, transferees and tourists, a 20-40% mainland investment cap for Taiwan firms, and an import ban on PRC products into Taiwan.
There are also vested interests by European and other foreign multinationals in sustaining Taiwan's economic growth and in speeding up the cross-Straits business normalization. European business has invested some US$10 billion in Taiwan, with the core of these investments in the technology sector, but also in related sectors such as financial services, telecom and retail & distribution.
An increasing number of European and other foreign multinationals have partnered up with Taiwanese firms on the Mainland, with successful joint investments in such businesses as car manufacturing, retail & distribution, 3C manufacturing and technology. Furthermore, large numbers of Taiwanese business executives are being employed on the Mainland by European multinationals in service industries, in particular in banking, retail, advertising and legal services.
Given a scenario of further lifting restrictions and cross-Straits business normalization, what will be the consequences for the Taiwan economy? Which industry sectors are likely to be benefiting? And how will it affect the Taiwanese and European multinationals operating in the Greater China region?
With over 600 members organized in 28 industry committees and working groups, the European Chamber of Commerce Taipei (ECCT) is the principal organization representing European business interests in Taiwan. ECCT Chairman Ralf Scheller is the Managing Director of TÜV Rheinland Taiwan Ltd and he has been working in Taiwan for the last 16 years. ECCT CEO Guy Wittich is heading the secretariat since 2002 and altogether has been working in Taiwan for the last 19 years.