By: Lin Meng-ju and Frances Huang
Taipei, June 24 (CNA) Taiwan’s Ministry of Economic Affairs (MOEA) said Friday that Taiwanese firms should take advantage of the cheaper British pound and euro and expand their investments in Europe after a majority of United Kingdom voters voted in favor of the U.K. leaving the European Union, causing the two currencies to plunge.
The referendum, which caught the global financial markets off guard, yielded a result pointing to a decision for the U.K. to leave the EU. The results triggered heavy selling in both the British pound and the euro, which dove more than 11 percent and 3 percent, respectively, against the U.S. dollar at one point.
Nonetheless, the MOEA said that it could be a good time for Taiwanese firms to seek business partners in the U.K. and the EU because the currencies’ drop would make the costs of their investments lower. [FULL STORY]