The Council of Agriculture yesterday said it will set up a fund to subsidize farmers for losses they could encounter after the government implements its free economic pilot zones.
The pilot zones are to allow food-processing companies to set up factories within the zones and to import agricultural raw materials that are currently banned from being shipped in, the council said.
For example, after the policy takes effect, local pineapple cake makers might start importing pineapples from abroad, and companies selling tea leaves are likely to use more of such products from China and Vietnam, Wu Ming-ming (吳明敏), a professor from Kainan University, said yesterday in Taipei during a public hearing regarding the establishment of the pilot zones.
The council said its preliminary estimation indicates that the output of farmers who supply their products to food-processing companies is between NT$23.5 billion and NT$35 billion (US$783 million and US$1.17 billion) a year.
The council did not specify an amount of potential damage local farmers might encounter.
Meanwhile, Su Wei-shuo (蘇偉碩), president of an association for farmers, said the government should not allow food-processing companies to label their products as “Made in Taiwan” if they used materials from abroad, because such a practice was likely to hurt the reputation for food made in the nation if cheaper ingredients from other countries was allowed under the “Made in Taiwan” label.
The policy is also to allow companies to transport pet fish from abroad to the zones for distribution to other countries.
In about 100 countries, companies can provide 5,400 kinds of fish to customers, while Taiwan currently only allows fish suppliers to bring 460 kinds into the country, Fan Tsu-hao (方祖豪), executive director of Taiwan Ornamental Fish Association, said at the hearing.
Meanwhile, participants at the hearing said that the draft was incomplete because it lacks clear regulations for supervising imports, which might present an opportunity for companies to import animals illegally.
In response, the National Development Council said that it would revise the draft to close loopholes that could give rise to animal trafficking.
Three experts in the high technology industry have said that US President Donald Trump’s pledge to impose higher tariffs on Taiwanese semiconductors is part of an effort to force Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to the negotiating table. In a speech to Republicans on Jan. 27, Trump said he intends to impose tariffs on Taiwan to bring chip production to the US. “The incentive is going to be they’re not going to want to pay a 25, 50 or even a 100 percent tax,” he said. Darson Chiu (邱達生), an economics professor at Taichung-based Tunghai University and director-general of
Hon Hai Precision Industry Co (鴻海精密) is reportedly making another pass at Nissan Motor Co, as the Japanese automaker's tie-up with Honda Motor Co falls apart. Nissan shares rose as much as 6 percent after Taiwan’s Central News Agency reported that Hon Hai chairman Young Liu (劉揚偉) instructed former Nissan executive Jun Seki to connect with French carmaker Renault SA, which holds about 36 percent of Nissan’s stock. Hon Hai, the Taiwanese iPhone-maker also known as Foxconn Technology Group (富士康科技集團), was exploring an investment or buyout of Nissan last year, but backed off in December after the Japanese carmaker penned a deal
WASHINGTON POLICY: Tariffs of 10 percent or more and other new costs are tipped to hit shipments of small parcels, cutting export growth by 1.3 percentage points The decision by US President Donald Trump to ban Chinese companies from using a US tariff loophole would hit tens of billions of dollars of trade and reduce China’s economic growth this year, according to new estimates by economists at Nomura Holdings Inc. According to Nomura’s estimates, last year companies such as Shein (希音) and PDD Holdings Inc’s (拼多多控股) Temu shipped US$46 billion of small parcels to the US to take advantage of the rule that allows items with a declared value under US$800 to enter the US tariff-free. Tariffs of 10 percent or more and other new costs would slash such
SENSOR BUSINESS: The Taiwanese company said that a public tender offer would begin on May 7 through its wholly owned subsidiary Yageo Electronics Japan Yageo Corp (國巨), one of the world’s top three suppliers of passive components, yesterday said it is to launch a tender offer to fully acquire Japan’s Shibaura Electronics Co for up to ¥65.57 billion (US$429.37 million), with an aim to expand its sensor business. The tender offer would be a crucial step for the company to expand its sensor business, Yageo said. Shibaura Electronics is the world’s largest supplier of thermistors, with a market share of 13 percent, research conducted in 2022 by the Japanese firm showed. If a deal goes ahead, it would be the second acquisition of a sensor business since