Taiwan lifts FDI restrictions on major industrial sectors

In a historic move to attract FDI to Taiwan, the Investment Commission (of the Ministry of Economic Affairs) announced on June 17, 2013 that it removed restrictions on 22 out of a total 52 industrial sectors and open them up for FDI.  These newly opened-up sectors include the following:

1. Financial intermediation:- banks, credit cooperatives, bills finance, credit card issuing and financial holding companies;
2. Insurance:- personal insurance, property insurance, reinsurance, insurance agent and broker, and insurance survey;
3. Auxiliary to financial services:- (i) trust enterprise as per Trust Enterprise Act, and (ii) card acquiring business, authorization of the use of trademark on credit card, service provider in connection with authorization and settlement of card transactions;
4. Truck freight transportation:- trucking, fixed route trucking and container trucking carriers; and
5. Harbor services:- harbor and the related services such as tally and stevedores services.

Unless there are specific regulations stemming from competent authorities in charge of any particular business objects of these affected sectors, foreign investors will be given national treatment.