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ECCT, AmCham back Taiwan's efforts to open up financial sector
Central News Agency
2014-01-27 12:43 PM
Taipei, Jan. 27 (CNA) The further development of Taiwan's financial services industry is essential to increase the country's international competitiveness and create more jobs, foreign chambers of commerce said Monday. The Joint Banking Committee of the European Chamber of Commerce Taiwan (ECCT) and the American Chamber of Commerce (AmCham) in Taipei said it is supportive of the recent efforts by Taiwan's top financial regulator to develop and open up the sector. The Financial Supervisory Commission (FSC) is "taking concrete steps toward improving the banking regulatory environment and making it more competitive by accepting recommendations from the industry," the committee noted in an e-mailed statement. The recent progress and efforts made by the FSC in cross-Taiwan Strait financial cooperation has created an opportunity for Taiwan to become an important offshore market for the Chinese yuan, also known as the renminbi (RMB), in the Asia-Pacific region, the committee said. "The committee believes that the regulators' continued efforts will better position Taiwan as an important financial centre in Asia," it said. In addition, the committee said it is highly encouraged by and fully supports the government's policy to include the financial services industry in the Free Economic Pilot Zones and expand the business scope of offshore banking units, which could spur the repatriation of offshore capital. This approach is essential to enhance Taiwan's financial market, which will lead to growth in terms of investment, job opportunities and the economy, the joint committee said. The ECCT is the only foreign nationwide business chamber in Taiwan and the principal organization promoting European business interests in the country. The chamber represents about 800 members from more than 300 companies and organizations. AmCham Taipei, founded in 1951, has more than 1,000 members representing over 500 companies, and 27 committees advocating various industry interests. (By Jeffrey Wu)
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