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Chi Mei Optoelectronics Corp, a big Taiwan-based LCD maker, has won approval from the Taiwan authorities for its first investment in the Chinese mainland.
"Related departments gave the green light after we submitted sufficient documents," Jemmy Hung, senior sales manager of Chi Mei's LCD TV Division, said on Friday.
Hung was in Shanghai to attend a Chi Mei-hosted seminar on LCD industry development.
Hung denied reports the Taiwan authorities previously refused the investment, saying they were just waiting for sufficient documentation.
The "Taiwan Investment Commission" approved the company's application to invest US$1 million to open a company in the eastern city of Ningbo to service clients, Bloomberg quoted Emile Chang, deputy executive secretary of the commission, as saying.
The Bloomberg report also quoted Chi Mei Optoelectronics spokesman Eddie Chen as saying his company will now apply in the mainland for a business licence.
Hung confirmed the company, the world's leading TFT-LCD producer, has submitted the application. "The company will provide a logistics service for Chi Mei."
Hung said the company will buy some raw materials in which the Chinese mainland has advantages and ship them to Taiwan for production.
Its key products are large-size TFT-LCD panels for notebook computers, desktop monitors, and TV applications.
Chen Liyi, head-chief of Chi Mei's LCD TV Business Division, said Chi Mei is certain to increase its presence in the Chinese mainland.
But he declined to elaborate. "We are willing to co-operate with mainland companies to develop China into a world supply centre of LCD products."
Chi Mei has co-operative deals with all the major Chinese mainland TV producers and supplies 50 per cent of all LCDs used on the mainland. Chen believes the mainland market will grow very quickly in the coming years and says it will account for 15 per cent of the world market by 2008, rising from the current 3-4 per cent.
(China Daily April 16, 2005)
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