More than 10 Singaporean companies are set to be listed on Taiwan’s over-the-counter (OTC) GRETAI Securities Market (GTSM) bourse in the coming months after signing an agreement with GTSM at a ceremony yesterday.
“The recent signing of the Economic Cooperation Framework Agreement (ECFA) between Taiwan and China has increased our confidence in investing in Taiwan,” furniture maker Scanteak founder Lim Pok Chin (林福勤) told reporters at the signing ceremony in Taipei.
Scanteak inked a letter of intent with the GTSM for future listing on the bourse, but Lim said that more Singaporean companies will follow.
“There are actually more than 10 Singaporean companies that plan to list on the OTC bourse in Taiwan, but some of them requested confidentiality,” Lim said at a press briefing.
Some of the companies — in fields from Chinese medicine to vehicle rental — will be formally listed on the bourse by the end of this year, while the others will do so in the first half of next year, GTSM chairman Gordon Chen (陳樹) said.
A 100-member business delegation from Singapore also attended the ceremony as part of a trip aimed at gaining a better understanding of Taiwan’s investment climate.
“Our visit shows that Singaporeans believe there will be more business opportunities in Taiwan ... and that we are optimistic about economic development in the Asia-Pacific region,” said Yeo Guat Kwang (楊木光), a member of Singapore’s parliament who is heading the delegation, in his opening remarks at the signing ceremony.
“Singaporean businesses hope that Taiwan and Singapore can step up their efforts to sign a free trade agreement soon,” he said.
Earlier in the ceremony, Minister of Economic Affairs Shih Yen-shiang (施顏祥) said he hoped Taiwan and Singapore could forge a closer trade relationship.
Representative to Singapore Vanessa Shih (史亞平) said that the government has been working to attract foreign companies to get listed on Taiwan’s bourse.
“Foreign companies will better understand Taiwan’s market situation and competitiveness after entering Taiwan’s capital market,” she said.
“Better understanding will encourage these foreign firms to expand their operations in Taiwan,” Shih added. “This will help create jobs in Taiwan.”
Companies have raised NT$320 billion (US$10 billion) through public and private means in Taiwan during the first six months of this year.
That is twice as much as that raised in the same period of last year, Financial Supervisory Commission (FSC) Vice Chairman Wu Tang-chieh (吳當傑) said at the ceremony.
“This demonstrates the vitality of Taiwan’s capital market,” he said.
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