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Temasek-style sovereign fund to be set up by gov't

TAIPEI -- Taiwan's government plans to set up a unit to manage its assets, with Singapore's sovereign wealth fund Temasek one of the possible models, the island's finance minister said.

The planned unit will be in charge of the government's direct or indirect investments in a total of 419 companies, Lee Sush-der told reporters at a briefing in Taipei.

“The purpose will be to more efficiently manage the government's resources,” he said. “We're taking international cases as a reference to review Taiwan's needs.”

One of the possible models would be Singapore's Temasek, although no final decision had been made, he said.

“The final evaluation will come out by the end of the year,” he said.

Observers said the planned unit was unlikely to be in charge of Taiwan's foreign exchange reserves, which are the responsibility of the island's central bank.

Taiwan's foreign exchange reserves stood at US$362.4 billion at the end of June.

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