For the first time, the Overseas Community Affairs Council (OCAC) organized the 2016 Five Innovative Industries-Bio-tech and Precision Machinery Overseas Chinese Compatriot Visiting Group November 22-25. In accordance with the New Southbound Policy, the OCAC aimed to assist Taiwan’s biomedical, smart machinery and other innovative industries development, and promote business opportunity exchange and technical cooperation with domestic innovative industries. Initial investment and procurement has already reached NT$320 million.
The group comprised of eight overseas compatriot entrepreneurs, five from the precision machinery industry and three from the biopharmaceutical industry. They came from the Philippines, Indonesia, Vietnam, Malaysia, the US, and New Zealand, respectively.
During their packed 3-day schedule, the eight entrepreneurs called on Vice President Chen Chien-jen, visited Taichung City Government and went to the Department of Investment Services, Ministry of Economic Affairs, to learn about the investment environment and industrial development. They also visited three outstanding domestic enterprises, Hsinchu Biomedical Science Park Incubation Center, and engaged in exchange with local businesses. On the afternoon of the 25th, together with Minister Without Portfolio John Deng of the Office of Trade Negotiations, Executive Yuan, OCAC Minister Wu Hsin-hsing hosted an investment matching meeting to which 20 domestic suppliers were invited to engage in exchange with them. The OCAC hopes to help overseas compatriot entrepreneurs do business with domestic enterprises, expanding exchange and cooperation between overseas and domestic industries.
This matching event had these entrepreneurs meet face to face with business operators in Taiwan to exchange their mutual requirements. Results were achieved with respect to procurement and investment. Total investment has reached NT$320 million already and follow-up procurements and investments are expected.
In accordance with the government’s industry policy, the OCAC will continue to organize overseas compatriot visiting groups for various innovative industries to help domestic and overseas industries effectively link up and boost domestic investment momentum.