'China & Taiwan petrochem firms keen on cooperation'

07 Nov '13

2 min read

Representatives from the Taiwanese and Chinese petrochemical enterprises are keen on collaborating and working together, said Zhang Guobao, former head of China's National Energy Administration, at the recently concluded Zijinshan Summit for Entrepreneurs 2013 in the Chinese city of Nanjing.

Mr. Guobao said for Taiwan, which is hard-pressed to meet its own energy needs, cooperation with China can result into huge benefits.

The two countries have refrained from working together in the petrochemical sectors because of political factors, and there is a huge potential for development if the petrochemical firms from both the countries collaborated together, he added.

Shih Yen-hsiang, former Taiwanese Economic Minister, said the country attaches great importance to energy resources and cooperation in the petrochemical sector would be a possible issue of economic security.

However, Mr. Yen-hsiang suggested that a mutual agreement could be achieved for setting up of a joint refining and naphtha cracking plant, as well as for manufacturing of equipments for the same.

The two-day summit saw participation from over 300 entrepreneurs from both the countries, including Taiwan's former Vice President Vincent Siew and Yu Zhengsheng, chairman of the Chinese People's Political Consultative Conference.

A total of 24 exchange and cooperation memorandums as well as projects were signed by businessmen from China and Taiwan at this year's summit, and a proposal was issued calling for joint efforts for closer cooperation. The proposal appealed for both sides to integrate resources, expand cooperative industries and create common markets in order to boost mutual prosperity.

Out of the seven sectors focused during the summit, the entrepreneurs from both sides considered petrochemical sector as the one where both the countries could cooperate for future development.

The business summit, first held in 2008, is organized with the intention of providing a platform for cross-strait entrepreneurs from both the countries to seek opportunities for common development. Next year’s summit is scheduled to be held in the capital city of Taipei in Taiwan.

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