By SPA
Taipei : Taiwan has given approval to the Formosa Plastics Group to build a stainless steel plant in China, dpa quoted newspaper reports as saying Saturday.
The China Times said the Economics Ministry approved Formosa Plastics’ application to invest in the China plant on Friday. Taiwan still bans direct trade with China and firms must seek Taipei’s
approval to invest.
Formosa Plastics plans to team up with the Fuxin Special Iron & Steel Co in Fujian Province, China, with Formosa Plastics and Fuxin each investing 100 million dollars.
Equipment for the plant will be shipped to Fujian from Taiwan.
The plant’s managerial personnel will be Taiwanese.
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