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Taiwan to submit letter of intent to join AIIB

Taiwan to submit letter of intent to join AIIB

Taipei, March 30 (CNA) Taiwan will submit a letter of intent on joining the China-initiated Asian Infrastructure Investment Bank (AIIB), a Presidential Office spokesman said Monday. Charles Chen ( ???) said the decision was made at a national security meeting presided over by President Ma Ying-jeou (???) at the Presidential Office in which Ma heard reports by Premier Mao Chi-kuo (???) and other officials on Taiwan's plans to join the AIIB. It was decided at the meeting that the Ministry of Finance will work out the letter of intent and have it approved by the Executive Yuan. The Mainland Affairs Council (MAC), the country's top China policy planning body, will then submit it to the Interim Secretariat for Establishing the AIIB through the Taiwan Affairs Office under China's State Council. The AIIB will be a multilateral development organization in Asia, with 42 countries -- 30 of which have become founding members -- expected to participate. Chen stressed that joining the AIIB would help Taiwan become more integrated into the regional economy, give it more opportunity to participate in international affairs and join international economic organizations and create international business opportunities. Finance Minister Chang Sheng-ford (???) said the ministry will start drafting the letter of intent before submitting it for approval to the Executive Yuan. The ministry said China will provide half of the US$100 billion worth of authorized capital of the AIIB, with the participating countries investing the remaining half. Chang that Taiwan is awash with idle capital, and the initiative could provide a favorable outlet for its use. Taiwan will only contribute a small amount of capital, Chang said, but it will be favorable to the development of Taiwan's industrial economy and have a high "cost-performance ratio." Earlier Monday, MAC chief Andrew Hsia (???) said Taiwan will only join the AIIB based on the principles of dignity and reciprocity after the government studies its charter and regulations. He told legislators that the AIIB initiative could generate business opportunities for Taiwan and said the government will further study the organization after the AIIB's charter and regulations come out. Hsia said President Ma Ying-jeou is in favor of joining the AIIB, and "we won't be absent in this matter." (By Claudia Liu, Wei Shu and Lilian Wu)


Updated : 2021-09-19 04:34 GMT+08:00