The Japanese Chamber of Commerce and Industry in Taipei yesterday said it aims to help grow bilateral trade 1.5 times by 2030 and urged the Taiwanese government to ease investment rules so that Japanese firms can apply for research and innovation funding.
The trade group made known its policy aspirations and wishes through the release of its annual position paper in Taipei.
Last year, Taiwan passed legislation to provide financial incentives for local and foreign chip firms to conduct research and development (R&D) as well as capital equipment investments in Taiwan.
However, the funding is limited to large-scale investments and no Japanese firms are qualified to apply, the chamber said, adding that Taiwanese authorities should lower these hurdles so the legislation might benefit more aspiring investors.
The government set the R&D investment threshold at NT$6 billion (US$187.72 million) for prospective companies to seek tax incentives under the Industrial Innovation Act (產業創新條例), Taiwan’s version of the US’ CHIPS and Science Act.
Japan is Taiwan’s third-largest trading partner and one of the main sources of foreign investment and technology, it said.
Bilateral trade last year amounted to US$75.77 billion, with Taiwan recording a trade deficit of US$12.9 billion, as local firms depend on imports of Japanese capital equipment, according to data from the Taiwan-Japan Relations Association (臺灣日本關係協會).
The trade group aspired to bolster the amount 1.5 times by 2030, which it said is achievable in light of warm trade and private exchanges between Japan and Taiwan.
Japan is the most favored travel destination among Taiwanese tourists, with some making multiple visits a year.
Last year, Taiwanese firms made 45 investments in Japan valued at US$214 million, while Japanese firms reported 216 cases totaling US$620 million in Taiwan, the association said.
The chamber called on the Japanese government to support Taiwan’s entry to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and advised Taiwan to seek endorsement from other countries.
CPTPP membership would help Taiwan secure favorable trade terms with other member states around the world.
In addition, Taiwan should try hard to address persistent labor, talent, electricity, water and land shortages in order to enhance its business environment, the chamber said, adding that the effort should include maintaining stable relations with China.
China’s recent terminations of favorable trade terms with Taiwan not only hurt Taiwanese firms, but also negatively affected Japanese firms, the chamber said.
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