28 May 2008 04:04 [Source: ICIS news]
SINGAPORE (ICIS news)--The Petrochemical Industry Association of Taiwan (PIAT) sees improved relations with China following the election of Ma Ying-jeou as Taiwan’s president, said a senior PIAT official on Wednesday.
The PIAT had been assured by the new administration that "many restrictive policies with respect to investment in China by Taiwanese companies will be relaxed," added PIAT chairman Dr Sidney Chow at the Asia Petrochemical Industry Conference (APIC) in Singapore.
Ma had won the presidential election stressing the importance of economic development and a better and stable relation with China.
"All of these measures will no doubt help to invigorate Taiwan’s economy and we in the petrochemical industry are only too happy to see it happen," he said.
Looking back, 2007 has been "a rather strange one for Taiwan’s petrochemical industry," with local producers having "a pretty good year" in spite of many negative factors, he added.
Negative factors included rising crude prices, the US economic slowdown and an attempt by China, the destination for half of Taiwan petrochemical exports, to slow down its overheated economy.
APIC runs from 27-28 May and is hosted by the Singapore Chemical Industry Council.ICIS and The Chemical Daily have produced an official 84-page special publication on Asian petrochemicals for the APIC event
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