Taiwan to Help Taiwanese Firms Rebuild After Thai Flood

Taipei, Dec. 30, 2011 (CENS)--Headed by the vice economics minister S.C Lin, an official delegation organized by the Ministry of Economic Affairs recently left for Thailand to visit Taiwanese enterprises to assess flood damage to their factories and provide necessary support to rebuild.

Based on information supplied by the Taipei Economic and Culture Office in Thailand, Lin said that about 30 Taiwanese companies suffer equipment and factory damage due to the floods, causing losses between NT$2 billion and NT$3 billion.

The MOEA delegation will try to assess if government's urgent financial aid, such as preferential export loans, should be provided immediately to rebuild damaged factories. So far the delegation has met three companies, namely Pacific Electric Wire & Cable Co., LTT Science & Technology, an auto parts maker, and Min Aik Technology, a supplier of electronic parts of hard drives, and found that Min Aik and Pacific Electric's losses total an estimated NT$1 billion and NT$100 million, respectively.

In addition the delegation also visited several Thai authorities, including the Ministry of Industry and Thailand Board of Investment, to enhance bilateral trade and exchanges.

The statistics compiled by Taiwan Customs show that Taiwan's exports to Thailand totaled US$4.298 billion January through October, 2011, a 24.2% increase from a year earlier, with imports surging about 30% yearly to US$3.18 billion. Taiwan also invested US$12.793 billion in the country as of the end of October as the country's third-largest foreign investor following Japan and the U.S., with most of such investments in electronics, chemicals, papermaking, metal products, machinery and food.