Country is currently pumping out 18 to 19 million masks daily

Taiwan News
Date: 2020/05/18
By: Eric Chang, Taiwan News, Contributing Writer

TAIPEI (Taiwan News) — Before Taiwan can begin exporting masks to other countries amid the Wuhan coronavirus pandemic, domestic demand must first be satisfied, Ministry of Economic Affairs (MOEA) Deputy Chief Wang Mei-hua (王美花) said during a report at the Legislative Yuan on Monday afternoon (5/18).

According to MOEA statistics, Taiwan currently has a daily production capacity of 18 to 19 million masks, with one day last week breaking the 20 million mark, CNA reported.

Domestic manufacturers have also purchased two additional machines that will help produce raw materials for masks. These are expected to go online by the end of June, which will increase the country’s daily output to more than 25 million masks.

During Monday’s legislative briefing, KMT Legislator Yang Chiung-ying (楊瓊瓔) pointed out that before masks are exported, local demand should be met first.    [FULL  STORY]

Focus Taiwan888888
Date: 05/18/2020
By: Chang Hsiung-feng and Chiang Yi-ching

Taipei, May 18 (CNA) In the wake of the economic fallout from the COVID-19 pandemic, the number of furloughed employees in Taiwan has risen to 21,067, the highest level since November 2009.

As of May 15, 21,067 workers had agreed with their employers to go on unpaid leave, up 2,067 from seven days earlier, while 1,189 companies had introduced unpaid leave programs, up 142 from a week earlier, according to Ministry of Labor (MOL) data released Monday.

The number of furloughed workers is the highest since November 2009, when 19,948 workers were on furlough due to the effects of the global financial crisis, MOL statistics showed.

At the height of the crisis in February 2009, the number of people on unpaid leave peaked at nearly 239,000 in Taiwan.    [FULL  STORY]

CURRENCY BENEFITS: Commission chairman Wellington Koo said that as Taiwanese firms’ registrations might not be approved abroad, they could open accounts here

Taipei Times
Date: May 19, 2020
By: Kao Shih-ching / Staff reporter

The Financial Supervisory Commission (FSC) and the central bank reached an agreement allowing local companies to open offshore banking unit (OBU) accounts at domestic banks to borrow foreign currency funds, FSC Chairman Wellington Koo (顧立雄) said yesterday.

Koo, who is to leave his post to serve as secretary-general of the National Security Council, told a meeting at the Legislative Yuan that he has proposed deregulation since November last year and reached an agreement with the central bank.

The two agencies are to discuss whether to limit the amount of foreign currency-denominated lending, Koo said.

FSC Vice Chairman Huang Tien-mu (黃天牧), who is to become chairman tomorrow, would announce when the deregulation will take effect, Koo said.    [FULL  STORY]

Focus Taiwan
Date: 05/16/2020
By: Wu Po-wei and Frances Huang

Taipei, May 16 (CNA) Convenience stores in Taiwan saw their sales rise in the first quarter despite an overall decline in activity in the retail sector because of higher online demand and more outlets, according to Ministry of Economic Affairs (MOEA) figures.

Though overall retail sales were down 0.6 percent in the first quarter, convenience store sales grew 5 percent year-on-year to NT$84.7 billion (US$2.83 billion), data compiled by the MOEA showed.

The chains catered to consumers who preferred to shop at home during the COVID-19 outbreak by expanding their e-commerce operations, leading to 25 percent growth in first quarter online sales, far outpacing the 4.7 percent sales growth at their physical outlets.

Online sales still only accounted for 1.1 percent of total convenience store sales in Taiwan in the first quarter, but that was up from 0.9 percent during the same period of 2019.    [FULL  STORY]

Shoe manufacturers dealt huge blow by coronavirus pandemic, reportedly shutting down plants in Vietnam and China

Taiwan News
Date: 2020/05/14
By: Sophia Yang, Taiwan News, Staff Writer

TAIPEI (Taiwan News) — Two Taiwanese footwear contractors for top brands have suffered a huge blow from the coronavirus pandemic and are reportedly shutting down plants in Vietnam and China.

Shoe manufacturers are experiencing a severe drop in demand amid the worldwide virus lockdowns and suspension of sporting events. Nike, Adidas, and other major brands have been temporarily closing stores in North America and Europe since March.

The world's largest footwear contractor, Taichung-based Pou Chen Corporation (寶成集團), recently announced it was furloughing workers, including 2,600 at its Changhua plant.

Last week, the company laid off 4,000 Chinese plant employees after closing operations in China's Hubei province, the initial epicenter of the coronavirus outbreak. Meanwhile, orders from one of its big clients are rumored to have been nearly halved in the second quarter.
[FULL  STORY]

Focus Taiwan 
Date: 05/14/2020
By: Wu Po-wei and Evelyn Kao

Taipei, May 14 (CNA) Pledges of investments by Taiwanese companies have soared pass NT$1 trillion (US$33.39 billion), since the Taiwan government launched a series of incentive programs last year, the Ministry of Economic Affairs (MOEA) said Thursday.

So far, 480 firms have made investment pledges, which now total NT$1.0036 trillion, under the three major investment programs that are geared toward overseas Taiwanese businesses, domestic corporations that have never invested in China or other countries, and locally based small and medium-sized enterprises (SMEs), according to the ministry.

The investment plans are expected to create 82,555 new job opportunities in Taiwan, including 61,814 jobs with 188 Taiwanese companies operating overseas, which are aiming to bring back a net NT$760.9 billion in investments, the MOEA said.

Meanwhile, 68 domestic corporations have pledged to invest NT$147.7 billion in Taiwan, which will generate 11,338 jobs, and 224 SMEs plan to invest NT$95 billion at home, creating an expected 9,403 jobs, the ministry said.    [FULL  STORY]

Digital economy has been playing important role in Taiwan’s competitiveness: Luis Ko

Taiwan News
Date: 2020/05/13
By: George Liao, Taiwan News, Staff Writer

TAIPEI (Taiwan News) — Many information technology organizations in Taiwan attended a meeting in Taipei on Wednesday (May 13) to continue their push for the government to set up a new national agency dedicated to managing affairs related to the development of digital technology.

In 2015, the Information Service Industry Association (CISA) teamed up with 54 information technology-related organizations in the private sector to form the Digital Taiwan Roundtable (DTR) in order to facilitate legislation beneficial to the industry. The CISA and the DTR have played an important role in trumpeting the importance of digital technology to the nation's economy and in leading private sector-based efforts to push for the creation of a new national agency to oversee and coordinate all efforts and resources in the digital space.

The appeal was heard by President Tsai Ing-wen (蔡英文), who had said in her address to the 2019 Future Tech Exhibition that the government will "study the feasibility of setting up a digital technology development agency to integrate the five fields of information, information security, telecommunication, network, and communication."

CISA Chairman Shen Bo-yan (沈柏延) said that it's hard to mobilize the digital economy without a national agency and urged President Tsai to establish one after she begins her second term on May 20.    [FULL  STORY]