MOF reiterates stance on Taiwan’s AIIB bid
2015-04-07
The ROC government’s decision-making process to join the Asian Infrastructure Investment Bank is prudent and transparent, with the matter subject to full legislative supervision, according to the Ministry of Finance April 1.
“We are approaching the issue under the principle of upholding national dignity and promoting Taiwan’s interests,” MOF Minister Chang Sheng-ford said. “The Legislature will also be kept abreast of related developments.”
Citing statistics by the Asian Development Bank, Chang said infrastructure investment in the region is estimated at US$8 trillion in the next 10 years, with AIIB members set to shoulder a considerable share of the funding load.
“Taiwan can play a role in the process given its abundant capital, talent and technical know-how in implementing infrastructure projects,” Chang said. “AIIB membership will benefit the country’s banking, insurance and construction sectors, while enhancing its global profile and expanding participation in regional integration.”
According to the minister, the MOF was instructed by the Cabinet in November last year to assess the impact of the AIIB on Taiwan. The assessment was completed in early March and involved consultations with the Central Bank, Mainland Affairs Council, Ministry of Economic Affairs, Ministry of Foreign Affairs, National Development Council and Public Construction Commission.
After weighing the pros and cons, and taking into account the positive response from major economies to the nascent bank, the MAC sent a letter of intent signed by the MOF minister March 31 to the AIIB. “The MAC’s handling of the matter is appropriate, correct and proper,” Chang said.
“The application will ensure Taiwan’s participation in negotiations involving AIIB organizational charters pertaining to management policies and member rights, as well as the name Taiwan will use for its AIIB representation.”
Chang said an interministerial group headed by Vice Premier Chang San-cheng has been set up by the Cabinet to enhance communication with the Legislature and seek bipartisan consensus on the matter. “All official evaluation reports will be posted on the Internet so as to ease any possible transparency concerns.”
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=228968&CtNode=413)
