Ma eyes AIIB membership for Taiwan

2015-03-30

President Ma Ying-jeou said March 26 that Taiwan should join the Asian Infrastructure Investment Bank as this would underscore the nation’s role as a regional peacemaker and provider of humanitarian aid.

“Taking part in the bank will further raise our profile in the international community,” Ma said during an interview with a local media outlet. “It also demonstrates our commitment to assisting less developed countries.”

According to the president, as most potential beneficiaries of the nascent institution are members of the Regional Comprehensive Economic Partnership, membership would assist in paving the way for Taiwan to participate in regional trade blocs like the RCEP and Trans-Pacific Partnership.

“We must grab the bull by the horns on this issue while maintaining a pragmatic stance on an official name for our application,” he said.

Sources familiar with the issue said Ma instructed former Vice President Vincent C. Siew to express Taiwan’s interest in the AIIB while meeting with mainland Chinese leader Xi Jinping at the Boao Forum for Asia Annual Conference March 28 in Hainan province. Siew is leading Taiwan’s delegation comprising 40-plus members to the March 26-29 forum in his capacity as honorary chairman of Taipei City-based Cross-Straits Common Market Foundation.

Echoing the president’s remarks, Minister of Finance Chang Sheng-ford, Minister of the Financial Supervisory Commission Tseng Ming-chung and ROC Central Bank Gov. Perng Fai-nan said AIIB membership will benefit Taiwan.

“The institution is set to play a key role in financing infrastructure projects in Southeast and Central Asia,” Chang said. “This opens up tremendous business opportunities for Taiwan’s private sector.”

Tseng said the local financial sector would gain handsomely if Taiwan were to join the bank, and the FSC is already conducting an internal assessment on the matter. Similarly optimistic, Perng views the move as a positive one for the country that increases its participation in international organizations.

Founded in 2014 by mainland China and 20 other Asian economies with an initial capital base of US$100 billion, the AIIB is set to commence operations later this year. A number of European countries, including Austria, France, Germany, Italy, Luxembourg, Switzerland and the U.K., have signed on for Beijing’s answer to the World Bank.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=228782&CtNode=413)