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Food firms highlighted in government development plan

Food firms highlighted in government development plan

Taipei, Oct. 30 (CNA) The government outlined a plan Tuesday to help expand the scale and revenues of local food and beverage firms, as part of efforts to boost the development of the nation's service industry. The Ministry of Economic Affairs will help local businesses to develop into chains to boost sales, with the aim of increasing the number of businesses earning NT$10 billion (US$342 million) per annum to five by 2020, said Yu Jui-te, a ministry official. Food and beverage companies are usually small-scale and of them, only Gourmet Master Co. Ltd., which operates the 85C cafe chain in Taiwan and China, earned over NT$10 billion in 2011, Yu said. The company reported revenues of NT$11.4 billion for that year. Moreover, the ministry will also make it easier for local food firms to access funding to qualify more of them to go public on the stock market, Yu said in a press conference to unveil the ministry's strategies and visions for developing the service sector, including retail, food and beverages, logistics, advertising and e-commerce. The ministry aims to increase the number of firms listed on the main board and the over-the-counter market from the current five to 10 by 2020, Yu went on. The five firms currently listed are New Palace International Co. Ltd., Gourmet Master Co. Ltd., the An-Shin Food Service Co. Ltd., Wowprime Corp. and Tai Tong Food and Beverage Group. The ministry is targeting sizable companies such as the Vigor Kobo pastry company, which is expected to see revenues increase to NT$700 million this year, up from NT$300 million in 2011 and NT$100 million in 2010 thanks to increasing numbers of Chinese tourists, Yu said. Yu said his ministry also aims to help more food firms market themselves and develop into international brands by tapping new technology in their management and customer service, in addition to promoting franchises. (By Lin Meng-ju and Scully Hsiao)


Updated : 2020-11-30 16:39 GMT+08:00